Penang CM leads delegation to US to boost trade ties

Penang CM leads delegation to US to boost trade ties

4 August, 2019

GEORGE TOWN: Penang Chief Minister Chow Kon Yeow is leading a delegation to the United States for an investment promotion mission until Aug 11.

The mission will focus mainly on California in the west coast of the United States.

Chow said the objective of this mission is to further promote Penang as the location of choice for American companies to set up semiconductor, electric and electronic, information and communications technology (ICT), medical devices, global business services, IT and other related industries.

“The visit is to establish relationships with the corporate headquarters of American investors that have selected Penang as their investment centre and to update potential investors and industry players in the United States on the latest developments and opportunities available in Penang.

“The United States is continuously among the top three FDI (foreign direct investment) investors in Penang for the past 10 years (2008-2018) with total cumulative investments of about RM14.9bil.

“In the first quarter of 2019, Penang attracted RM8.47bil of manufacturing FDI, representing 42% of Malaysia’s total manufacturing FDI.

“Out of the total FDI figure, RM6.18bil are investments from the United States which is about 73% of the total.

“It is vital for Penang to strengthen its relationships with these companies to understand their current set-up as well as their re-investment plans.

“It is also important to have focus meetings with potential investors to attract new investments to Penang,” he said in a statement Sunday (Aug 4).

Chow is accompanied by his special advisor Datuk Seri Lee Kah Choon, who is also the director of investPenang, investPenang’s chief executive officer Datuk Loo Lee Lian among others.

Source: The Star

Photo credit: The Star