GEORGE TOWN, Aug 27 — Penang's investments have kept increasing even with the uncertainties from the tariffs set by the United States, according to Penang's chief minister Chow Kon Yeow.
GEORGE TOWN, Aug 27 — Penang's investments have kept increasing even with the uncertainties from the tariffs set by the United States, according to Penang's chief minister Chow Kon Yeow.
He stated that overall manufacturing investments have gone up, not down.
"The overall approved investments have not decreased; in fact, they have risen according to the statistics released by Mida for the first half of this year," he stated to reporters after participating in the launch of Lift-Off with PSD@5km, a business matching event for 12 companies based in Penang.
As per data from the Malaysian Investment Development Authority (Mida), Penang saw approved manufacturing investments totaling RM12.5 billion from January to June this year.
This represents a 150 percent increase year-over-year compared to the same time last year.
In a statement issued by InvestPenang today, RM10.5 billion — which accounts for 84 percent of the total RM12.5 billion — was derived from approved foreign direct investment (FDI) inflows.
"This confirms that Penang is the leading source of manufacturing FDI in Malaysia, making up 20 percent of the country's total during this time," stated Chow.
The main three sources of FDI are the US, China, and the Cayman Islands, which together account for 60 percent of the total approved manufacturing FDI in the state.
Regarding domestic investment, a total of RM2 billion was approved, marking a 51 percent rise compared to the same time last year.
Mida states that Penang ranks as the second-largest contributor to approved manufacturing investments in the country.
The total number of approved investments in Penang is 86 projects, which are anticipated to create 11,116 job opportunities.
The majority of investments are in Penang's electrical and electronics (E&E), machinery and equipment (M&E), and chemicals and chemical products sectors.
Chow mentioned that 50% of these investments are for new projects, while the remaining 50% are for expansion projects.
He mentioned that Penang continues to be strong in drawing global investments.
"Even with the current global uncertainty, the state has once more exceeded expectations, drawing in valuable investments that strengthen our role as a major player in the global value chain," he stated.
"This accomplishment shows that investors still believe in Penang's abilities and strength," he mentioned.
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