{"id":40938,"date":"2019-08-22T12:11:38","date_gmt":"2019-08-22T04:11:38","guid":{"rendered":"https:\/\/investpenang.gov.my\/penang-expects-to-top-rm10b-in-investments-by-year-end\/"},"modified":"2025-12-02T17:16:30","modified_gmt":"2025-12-02T09:16:30","slug":"penang-expects-to-top-rm10b-in-investments-by-year-end","status":"publish","type":"post","link":"https:\/\/investpenang.gov.my\/zh-hans\/penang-expects-to-top-rm10b-in-investments-by-year-end\/","title":{"rendered":"Penang expects to top RM10b in investments by year-end"},"content":{"rendered":"

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” el_class=”sec-inner-banner” css=”.vc_custom_1703741584745{background-image: url(https:\/\/investpenang.gov.my\/wp-content\/uploads\/2023\/12\/contact-banner-bg.jpg?id=20253) !important;}” z_index=””][vc_column][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=”” el_class=”inner-banner-row”][vc_column_inner][vc_column_text]<\/p>\n

Penang expects to top RM10b in investments by year-end<\/h1>\n

[\/vc_column_text][vc_separator type=”normal” el_class=”red-separator” color=”#ee4023″ transparency=”1″ thickness=”2″ up=”15″ down=”15″][vc_column_text css=”” el_class=”white-text”]<\/p>\n

22 August 2019<\/p>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1703764846254{background-color: #f3f5f8 !important;}” z_index=””][vc_column el_class=”fade-in animate”][vc_empty_space height=”120px” el_class=”height-x120″][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=””][vc_column_inner][vc_single_image image=”29320″ img_size=”full” qode_css_animation=”” el_class=”single-featured-image”][\/vc_column_inner][\/vc_row_inner][vc_empty_space height=”60px” el_class=”height-x60″][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=”” el_class=”content-row”][vc_column_inner][vc_column_text]GEORGE TOWN, Aug 22 \u2014 Penang Chief Minister Chow Kon Yeow today said that the state is expecting to top RM10 billion in total investments by the end of the year.<\/p>\n

He said this will almost double last year’s total investments of RM5.78 billion.<\/p>\n

\u201cWe are cautiously optimistic of recording RM10 billion investments,\u201d he said in a press conference at the 5th Penang Global Business Services (GBS) Conference here.<\/p>\n

He said Penang already made an all-time record by getting RM8.8 billion worth of investments in the first quarter of the year.<\/p>\n

\u201cThe second quarter investments figures are already out, we are still waiting for the announcement to see how we fared,\u201d Chow said.<\/p>\n

The Penang lawmaker said it was no easy task to get high-value investments especially with competition from other countries.<\/p>\n

\u201cIt is not only competition from other countries, but also other states and cities,\u201d he said.<\/p>\n

Chow said his recent business trip to the United States was to visit the headquarters of existing investors in Penang and also to reach out to potential investors.<\/p>\n

\u201cIt is a yearly visit by InvestPenang to various existing investors to understand their needs and concerns and to update them on the economy, incentives and eco-system in Penang,\u201d he said, adding that the delegation also reached out to potential investors in Silicon Valley.<\/p>\n

Earlier, in his speech, Chow said Penang\u2019s GBS industry is moving up the value chain from providing support and transactional services to high value shared services that include design and development.<\/p>\n

He said there are more than 60 companies with GBS operations in Penang employing over 12,000 workers in high-value jobs.<\/p>\n

\u201cIn addition, there is an increasing trend where MNCs with no physical manufacturing presence in Penang have opted to establish their shared services operations here,\u201d he said.<\/p>\n

These are big-name multinational companies such as Celestica, First Solar, Swarovski and UST Global.<\/p>\n

Chow added that Penang ranked number two in terms of GBS investments after the Klang Valley.<\/p>\n

Taking steps to enhance the GBS ecosystem, he said a GBS Focus Group Penang was established in May.<\/p>\n

InvestPenang will be the lead agency for the focus group.<\/p>\n

The focus group is a platform for stakeholders to share information and concerns related to the industry.<\/p>\n

Source:\u00a0Malay Mail<\/a><\/p>\n

Photo Credit: Malay Mail[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_empty_space height=”120px” el_class=”height-x120″][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

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22<\/h2>\n
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Thu<\/p>\n

August \u201819<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"author":37,"featured_media":29320,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[316],"tags":[],"news_year":[271],"news_month":[226],"local_insights_alphabet":[],"acf":[],"_links":{"self":[{"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/posts\/40938"}],"collection":[{"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/comments?post=40938"}],"version-history":[{"count":2,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/posts\/40938\/revisions"}],"predecessor-version":[{"id":40953,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/posts\/40938\/revisions\/40953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/media\/29320"}],"wp:attachment":[{"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/media?parent=40938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/categories?post=40938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/tags?post=40938"},{"taxonomy":"news_year","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/news_year?post=40938"},{"taxonomy":"news_month","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/news_month?post=40938"},{"taxonomy":"local_insights_alphabet","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/local_insights_alphabet?post=40938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}