The Chief Minister of Pulau Pinang, Chow Kon Yeow announced that the state has recorded the highest investment inflows in Malaysia, totaling RM71.9 billion in 2023. This remarkable growth was primarily driven by foreign direct investment (FDI), contributing RM61.7 billion or 85.8 percent of the state’s manufacturing investment inflows during the period.
“This figure indirectly underscores the unwavering confidence of international investors in the potential and attractive opportunities offered by the state,” said Chow during a statement at the recognition ceremony for companies involved in the Northern Corridor Economic Region (NCER) Technology Innovation Centre of Excellence (CoE) in Penang today.
Chow highlighted that through cooperation with the Federal Government and the Northern Corridor Implementation Authority (NCIA), the state successfully facilitated investments worth RM13.67 billion, thereby creating over 14,000 job opportunities last year.
Furthermore, he mentioned that the NCER Technology Innovation Centre (NTIC), developed by NCIA in Bayan Lepas, is expected to be completed in the third quarter of this year, serving as a primary platform to attract technology-related investments to NCER, particularly in Penang, through collaboration among local small and medium enterprises (SMEs), multinational corporations, and academia.
Touching on the CoE program, NTIC Pulau Pinang, Chow noted that 12 CoE providers have been appointed since the launch of the program last May, with a total investment of RM73.67 million. “The appointed CoE providers today focus on supporting the development of local SMEs under the NTIC CoE User program, and so far, eight SMEs in the state have registered for the related program,” he added.
