Penang attracts RM13.7 billion approved manufacturing investments in 2022

GEORGE TOWN - Penang has managed to clock up RM13.7 billion in approved manufacturing investments from January to December last year.

In a statement, Invest Penang said this showed that the state continued to attract active participation from both new and existing investors due to its established reputation with 50 years of industrial success.

"The state received RM9.7 billion (71 per cent) in foreign direct investments (FDI) and RM4 billion (29 per cent) in domestic direct investments (DDI) for manufacturing in 2022.

"The investment inflows in the said year involved 135 projects and are expected to generate 15,752 new job opportunities in the state,” it said.

It said notable investment projects included foreign corporations like TF AMD and Boston Scientific as well as domestic firms like Greatech Integration and Inari Technology.

Invest Penang said Penang is the second-highest contributor among all states in Malaysia’s approved manufacturing investments in 2022 with a 16 per cent share.

It said the state’s key promoted industries, including those in electronics and electrical, machinery and equipment, and scientific and measuring equipment, including medical devices, were said to be the main drivers of Penang’s overall approved manufacturing investments.

"In 2022, investments in these industries will account for 85 per cent of Penang’s total approved manufacturing investments, which is equal to 27 per cent of Malaysia's investments in these three industries.

"This demonstrated Penang’s instrumental role in driving Malaysia’s participation in the global supply chain in these areas,” it added.

Meanwhile, Penang Chief Minister Chow Kon Yeow said Penang stood 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 Penang State Government would like to express our deepest appreciation to the investors for their confidence in Penang as well as to MIDA (Malaysian Investment Development Authority) for a conducive and fruitful collaboration with InvestPenang in attracting strategic investments into the state,” he added. - BERNAMA