News & Events

Penang recorded RM1.02b investments in Q1 of 2018, says chief minister

2018 Jul 09

BUKIT MERTAJAM, July 7 ― Penang has recorded total investments of RM1.02 billion in the first quarter (Q1) of this year, comprising foreign direct investments (FDI) of RM580 million and domestic investments of RM438 million.

 

Chief Minister Chow Kon Yeow said as reported by the Malaysian Investment Development Authority, Penang recorded the highest approved manufacturing FDI among states in Malaysia valued at RM8.5 billion last year.

 

“Domestic manufacturing investment also grew 92 per cent year-on-year to reach RM2.3 billion. It is therefore crucial for us to have a strong logistics network and service to support this continuous growth,” he said in his speech at the launch of Integrated Cold Chain Logistics Sdn Bhd’s (ICCL) Phase 5 development by Finance Minister Lim Guan Eng here, today.

 

He said logistics was an important and growing industry in Penang with many logistics providers having set up their bases in the state which was largely attributed to the continuous growth of the manufacturing sector.

 

Chow said the logistics service providers in Penang not only provided support to the local factories and businesses but also acted as third party logistics providers regionally for many countries, as international procurement centres or regional distribution centres.

 

Earlier, Lim in his speech said the government was committed to playing an important role in the development and growth of the Asean Economic Community (AEC).

 

He said ICCL's effort to develop the logistics connectivity throughout the Indochina region would directly benefit and facilitate the economic development of the countries involved, thereby supporting the AEC agenda.

 

“Logistics support the supply chain management of both upstream and downstream activities, allowing businesses to trade as far as where logistics can connect,” he said.

 

Established in June 2006, ICCL, an integrated logistics company, offers a full range of logistics services with supply chain management expertise to manufacturers, distributors, food service providers and retailers across Malaysia.

 

It is also the largest halal service provider of temperature-controlled distribution services in the country. 

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Source: https://www.malaymail.com/s/1649840/penang-recorded-rm1.02b-investments-in-q1-of-2018-says-chief-minister

Malay Mail Online

Photo credit: Malay Mail Online