Majority of investments announced in Penang realised, says Kon Yeow
19 Apr 2024
Nine in 10 investments in Penang announced by the Malaysian Investment Development Authority (Mida) have been realised within a few years, said Penang Chief Minister Chow Kon Yeow.
He said the realisation rate of investments in Penang is high at between 85 per cent and 90 per cent.
“I would say that investments that were announced in Penang are realised 90 per cent of the time, such as this facility by LEM Malaysia, the groundbreaking ceremony was held two years ago and today, it is the opening of the plant,” he said at the official opening of LEM Malaysia’s first facility in Malaysia at Penang Science Park here.
Chow said the strong supply chain in Penang will benefit investors and new multinational companies (MNCs) setting up here.
“The presence of MNCs such as LEM will also enhance the local supply chain,” he said.
He said the manufacturing sector in Penang is the largest contributor to the state’s economic growth.
The state recorded RM63.4 billion in approved manufacturing investments last year, topping the list nationwide.
He said the state’s electronics and electrical products sector also remained the top in the state, with RM54.7 billion in approved manufacturing investments last year.
“To solidify Penang’s position as a hub for advanced manufacturing, the state government has placed a special emphasis on attracting companies with strong commitments to developing cutting-edge technologies and sustainable investing,” he said.
He said Penang will remain committed to sustaining the manufacturing ecosystem in the state to support the needs of industrial players in next-generation technologies.
Source: Malay Mail
