{"id":40508,"date":"2020-11-19T11:53:56","date_gmt":"2020-11-19T03:53:56","guid":{"rendered":"https:\/\/investpenang.gov.my\/press-release-penang-garnered-rm10-6-billion-of-approved-manufacturing-investment-in-jan-sep-2020\/"},"modified":"2025-12-01T11:48:36","modified_gmt":"2025-12-01T03:48:36","slug":"press-release-penang-garnered-rm10-6-billion-of-approved-manufacturing-investment-in-jan-sep-2020","status":"publish","type":"post","link":"https:\/\/investpenang.gov.my\/zh-hans\/press-release-penang-garnered-rm10-6-billion-of-approved-manufacturing-investment-in-jan-sep-2020\/","title":{"rendered":"[Press Release] Penang Garnered RM10.6 billion of Approved Manufacturing Investment in Jan \u2013 Sep 2020"},"content":{"rendered":"

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[Press Release] Penang Garnered RM10.6 billion of Approved Manufacturing Investment in Jan \u2013 Sep 2020<\/h1>\n

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19 November 2020<\/p>\n

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Penang attracted a resilient RM1.5billion of approved manufacturing investment in Jul-Sep 2020, with a remarkable 73% of the total amount contributed by DDI. Meanwhile, Penang\u2019s cumulative manufacturing inflows in Jan-Sep 2020 stood at RM10.6 billion, of which 83% of the amount was contributed by FDI, making Penang the second highest contributor in approved manufacturing FDI during the period.<\/em><\/p>\n

Penang, November 19, 2020 \u2013 Penang\u2019s performance in the approved manufacturing investment has well proven the State\u2019s ability to endure hardships. \u00a0Against the backdrop of having numerous restrictions in place due to the pandemic, Penang managed to garner RM1.5 billion of approved manufacturing investment in Jul-Sep 2020 (3Q20).<\/p>\n

According to data from the Malaysian Investment Development Authority (MIDA), Penang notched up 47 projects in 3Q20, which, together with projects approved in the first half of 2020, are expected to generate 9,137 new employment opportunities in the State. In 3Q20, domestic direct investments (DDI) accounted for RM1.1billion or 73% of Penang\u2019s manufacturing investment inflows, while the remaining 27% or RM401.9million came from foreign direct investments (FDI).<\/p>\n

3Q20\u2019s inflows brought the total approved manufacturing investments for the first nine months of 2020 (9M20) to RM10.6 billion (year-on-year: -20%). Notably, 83% of Penang\u2019s 9M20 approved manufacturing investment was contributed by FDI, making Penang the second highest FDI contributor to Malaysia and representing 22% of the country\u2019s total. Encouragingly, DDI in Penang spiked 42% year-on-year and reached RM1.8billion in 9M20 with eminent projects from Federal Oats Mills, Iconic Medicare, Straits Orthopaedics and Vitrox Technologies.<\/p>\n

Penang\u2019s total approved manufacturing investments were dominated by its key promoted industries, comprised of Machinery & Equipment, Scientific & Measuring Equipment (which includes medical devices) and Electronics & Electrical industries. The joint amount constituted 88% of Penang\u2019s total approved manufacturing investments in 9M20. Markedly, Penang contributed 60% of Malaysia\u2019s collective investments from these three industries.<\/p>\n

The Chief Minister of Penang, Right Honorable Mr. Chow Kon Yeow expressed his satisfaction at the State\u2019s investment performance. \u201cAs I have stressed previously, investment inflows would be moderated in the second half of 2020, in light of the challenges arising from the COVID-19 pandemic. Having said that, I am pleased to see that Penang\u2019s approved manufacturing investment managed to surpass the RM10billion mark in the first nine months of 2020, capturing 63% of 2019\u2019s full year amount and way above 2018\u2019s full year performance of RM5.8billion. I am glad that Penang\u2019s captivating and strong aspects in its ecosystem, continue to render the State as a preferred investment destination for both domestic and foreign investors. Notably, Penang\u2019s approved manufacturing investment for the third quarter of 2020 was primarily contributed by DDI, signifying that our robust industrial ecosystem offered a competent platform for the local players to participate and thrive.\u201d<\/p>\n

\u201cI wish to convey the State\u2019s appreciation to the investors who have put their trust in Penang. In addition, I would like to thank state agencies, InvestPenang and Penang Development Corporation (PDC) for their tremendous tenacity and hardwork in engaging investors and facilitating project implementations under this new norm. Penang would not be able to achieve its position today had it not been for the concerted effort from all,\u201d Chow adds.<\/p>\n

Looking ahead, repercussions of the pandemic still persist. Given the third wave we are currently experiencing, coupled with the implementation of Conditional MCO, Penang\u2019s investment performance for 2020 beyond doubt, will not be able to match 2019\u2019s all-time-high of RM16.9 billion. However, with strong synergy between the State government and federal agencies, especially MIDA, and the recent investment incentives announced in the Budget 2021*, Penang can ride out these uncertain times.<\/p>\n

The Penang state government will continue to strive our very best to ensure that Penang remains the \u201cSilicon Valley of the East\u201d. We look forward to a vibrant 2021, where businesses or investment decisions are no longer impeded by the effects of this pandemic.<\/p>\n

Note: * At the time of writing, Budget 2021 has yet to be passed by the Parliament <\/em><\/p>\n

END<\/strong><\/p>\n

About InvestPenang
\n<\/strong>InvestPenang is the Penang State Government\u2019s principal agency for promotion of investment. Its objectives are to develop and sustain Penang\u2019s economy by enhancing and continuously injecting business activities in the State through foreign and local investments, including the spawning of viable new growth centres. To support the realization of its objectives, InvestPenang also runs initiatives like SMART Centre (to assist SMEs), Penang CAT Centre (to assist talents) and @CAT Penang (to assist start-ups).<\/p>\n

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For media enquiries, please contact:
\n<\/u><\/strong>Yeoh Bit Kun\/ Ooi Phei Wen
\nbitkun@investpenang.gov.my<\/a>\u00a0\/\u00a0pheiwen@investpenang.gov.my <\/a>
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