PENANG continued to be a favourable destination for investment when the it recorded RM8.85 billion of the total approved manufacturing investments in Malaysia in the first quarter of this year.
Chief Minister Chow Kon Yeow said the success was made possible thanks to the Federal Government and its agency Malaysian Investment Development Authority (MIDA) for promoting the state to potential investors.
“It represented 35% of Malaysia’s total approved manufacturing investment. The figure is outstanding.
“I would like to thank the Finance Ministry, Ministry of International Trade and Industry (MITI) and MIDA for helping to promote Penang as a destination for investment to investors.
“Thank you for seeing the Penang’s potential as an industrial state,” Chow said in his speech during the Batu Maung constituency Hari Raya open house recently.
Chow also spoke about Penang being the key contributor to Malaysia’s manufacturing foreign direct investment (FDI).
“We attracted RM8.47 billion of manufacturing FDI (+ 1,360% year-on-year) in the first quarter of this year (1Q19). It represented 42% of Malaysia’s FDI,” he said.
Also present were Deputy Chief Minister I Datuk Ahmad Zakiyuddin Abdul Rahman, state Domestic and International Trade, Consumer Affairs and Entrepreneur Development Committee chairman Datuk Abdul Halim Hussain, Deputy Agriculture and Agro-Based Industry Minister Sim Tze Tzin and other state assemblymen.
Story by Christopher Tan
Pix by Adleena Rahayu Ahmad Radzi