GEORGE TOWN: Penang has recorded its highest number of total approved manufacturing investments in a decade when the state brought in RM13.3 billion worth of capital in the first nine months of this year.
It is the highest Penang has achieved in the last ten years, said Chief Minister Chow Kon Yeow, who added that the figure was derived from the Malaysian Investment Development Authority’s latest investment data.
The figure is an increase of 247% year-on-year, surpassing 2018’s full year amount of RM5.8 billion, he told a press conference today.
Chow said Penang contributed 23% of Malaysia’s total manufacturing investment during the period, the second highest after Selangor.
From January until September this year, Penang secured 113 manufacturing projects which are expected to create 15,013 jobs.
Overall, Malaysia recorded RM149 billion worth of approved investments in the services, manufacturing and primary sectors in the first nine months of this year.
Chow said Penang remains a hub for the electronics and electrical products and scientific measuring equipment. The top investors here are the US, Singapore and the UK, while China also represents a strong FDI contributor here.
Invest Penang CEO Datuk Lee Lian Loo said the state is cautiously optimistic on the near-term outlook because of the “uncertainties” out there including the prolonged US-China trade dispute as well as a possible global slowdown if both countries continue to take punitive action against each other.
Loo said the fortunes of investment is a cyclical business, so Penang may not achieve similar numbers for next year but the state would be satisfied if it can attain the average mark of RM10 billion for its investment figures.
She confirmed that Penang has benefited from the US-China squabble as it was evident in the number of investors coming here instead of heading to China.
The state will continue to focus on bringing in high quality, high technology investment – with high value jobs that suit the state’s manufacturing profile.