Investment in manufacturing in Malaysia’s Penang rises

 

Kuala Lumpur (VNA) – The Malaysian state of Penang recorded a total of 9.12 billion RM (nearly 2.2 billion USD) in approved manufacturing investments in the first half of this year, according to the Malaysian Investment Development Authority (MIDA).

Notably, investment in the field in the second quarter alone reached 2.02 billion RM (485 million USD), a strong rise compared to the same period last year.

Penang Chief Minister Chow Kon Yeow said the state attracted 29 projects in the second quarter of this year. These projects, together with approved projects in the previous quarter, are expected to generate 6,971 new jobs.

In the second quarter, 1.65 billion RM (396 million USD) or 82 percent of state manufacturing investments came from foreign direct investment (FDI), whereas the remaining 373 million RM (89.5 million USD) or 18 percent consisted of domestic direct investment (DDI), he added.

He also said that on a year-on-year basis, Penang’s approved manufacturing FDI rose 600 percent, while DDI rose 186 percent in the second quarter of this year.

He said despite the COVID-19 pandemic and the imposition of the Movement Control Order (MCO) by the Federal Government throughout the period, investors remained confident in Penang.

According to Chow, Penang’s sustainable business environment, vigorous industrial ecosystem, and supportive infrastructure are among the state’s appealing aspects that continue to attract investors.

According to data, the electronics & electrical (E&E), machinery & equipment, and scientific and measuring equipment manufacturing sectors remained the state’s main push, collectively contributing 93 percent of the state’s total approved manufacturing investments in the first half of 2020./.