March 15, 2023 – Having built a solid reputation after 50 years of industrial excellence, Penang continues to draw active participation from both new and existing investors. According to data from the Malaysian Investment Development Authority (MIDA), Penang clocked up RM13.7 billion in approved manufacturing investments in Jan-Dec 2022. The investment inflows in the said year involved 135 projects and are expected to generate 15,752 new job opportunities in the state.
FDI accounted for RM9.7 billion or 71% of Penang’s manufacturing investment inflows in 2022, while the remaining RM4.0 billion or 29% were domestic direct investments (DDI). Remarkable investment projects include foreign corporates like TF AMD, Boston Scientific, as well as homegrown companies like Greatech Integration and Inari Technology, amongst others. With a 16% share in Malaysia’s approved manufacturing investments in 2022, Penang is the second highest contributor among all states.
Total approved manufacturing investments in Penang were primarily driven by the state’s key promoted industries, namely Electronics & Electrical, Machinery & Equipment, Scientific & Measuring Equipment (including medical devices) industries. Cumulatively, investments into these sectors accounted for 85% of Penang’s total approved manufacturing investments in 2022, which is equivalent to 27% of Malaysia’s investments in these three sectors. This demonstrated Penang’s instrumental role in driving Malaysia’s participation in the global supply chain in these areas.
The Chief Minister of Penang, Right Honorable Mr. Chow Kon Yeow said: “Penang stands out as a highly attractive investment destination with dynamic industries that are supported by a highly-qualified talent pool. The state’s resilient economic performance underscores investors’ sustained confidence in the state, and sets the stage for its development to greater heights. The state government continues to welcome strategic investments as we aspire to extend our position as a hub for advanced technology.”
“The Penang state government would like to express our deepest appreciation to the investors for their confidence in Penang, as well as to MIDA for a conducive and fruitful collaboration with InvestPenang in attracting strategic investments into the State.” Chow added.
InvestPenang is the Penang State Government’s principal agency for promotion of investment. Its objectives are to develop and sustain Penang’s economy by enhancing and continuously supporting business activities in the State through foreign and local investments, including spawning viable new growth centers. To realize its objectives, InvestPenang also runs initiatives like the SMART Penang Center (providing assistance to SMEs) and Penang CAT Center (for talent attraction and retention). For more information, please visit https://investpenang.gov.my/ and follow InvestPenang’s social media channels: Facebook ; LinkedIn.
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Yeoh Bit Kun/ Ooi Phei Wen