Penang recorded an influx of RM35.8 billion in approved manufacturing foreign direct investments (FDI), marking an extraordinary 634% year-on-year surge.
Chief Minister Chow Kon Yeow highlighted that Penang had exemplified its leading role as a top manufacturing FDI contributor for the nation, capturing a 42% share of the nation’s manufacturing FDI for the period.
“Countries with top manufacturing FDI in Penang were the Netherlands, United States, and Singapore, which contributed to a 95% share of Penang’s approved manufacturing investments,” he said.
Chow noted that in the face of a notable -15% year-on-year dip in DDI at RM3.1 billion, the cumulative approved manufacturing investments for the initial three quarters of 2023 remain remarkable at RM38.9 billion.
“Penang proudly asserts its position as the foremost contributor among all states, commanding a substantial 39% share in Malaysia’s approved manufacturing investments for this period.
“The Malaysian Investment Development Authority (Mida) estimates that these investments, distributed across 107 projects, will generate approximately 11,121 new job opportunities in our state,” Chow highlighted.
He also zoomed in on the third-quarter figures (3Q2023) (July to September 2023), in which, Penang’s FDI accounted for RM33 billion or 95% of the state’s manufacturing investment inflow. The remaining RM 1.6 billion or 5% were DDI.
“The substantial surge in FDI unmistakably reflects the unwavering confidence that international investors have in Penang’s untapped potential and the wealth of lucrative opportunities it offers.
“Deserving equal recognition are our domestic investors, whose unwavering support has been instrumental in cultivating the thriving landscape of our industrial sector,” he told a media conference at his office in Komtar today.
Key areas for the inflow industries, such as Electrical and Electronics (E&E), Machinery and Equipment, and Fabricated Metal Products.
InvestPenang chief executive officer Datuk Loo Lee Lian said frequently, the choice between Penang and other countries, such as Singapore, Thailand, or Vietnam, hinges on what Penang uniquely offers, particularly in the crucial E&E supply chain.
