Penang has been reported to successfully maintain its position as the country’s top exporter in December last year despite being the second smallest state in Malaysia.
Chief Minister Chow Kon Yeow said Penang consistently ranks among the top three in terms of economic contribution, growth, and investment attraction in the country.
“In fact, it is very encouraging that we managed to maintain our position as the country’s top exporter in December last year.
“Five states dominate the country’s exports, contributing 81 percent, and I am pleased that Penang is ranked number one with RM37.3 billion,” he said while speaking at a Luncheon in conjunction with the Chinese New Year organised by the 88 Captains Welfare Association, a non-governmental organisation, here today.
According to a local news portal, also present at the event were the Governor Tun Ahmad Fuzi Abdul Razak and his wife Toh Puan Khadijah Mohd Noor, as well as Deputy Chief Minister I Datuk Mohamad Abdul Hamid and Chairman of the 88 Captains Welfare Association Datuk Seri Dr Ooi Eng Hock.
Chow said Penang is also on track to record another great year in manufacturing investment with approved manufacturing investment.
The third quarter of 2023 showed approved manufacturing FDI inflows amounted to RM35.8 billion, a six-fold increase compared to the same period the previous year.
“Penang once again demonstrates its role as the major contributor to the country’s manufacturing foreign direct investment (FDI) by controlling 42 percent of major manufacturing in Malaysia,” he said.
He said among the countries with the highest manufacturing FDI in Penang are the Netherlands, the United States, and Singapore, all of which contribute 95 percent to the approved manufacturing investment in the state.
“I believe our economic success is good news for all the people of this state, especially the younger generation who have a place to seek their fortune on the sites we provide now,” he said.
