NCIA and MIDA secure RM31.38 billion in investments for Penang

NCIA and MIDA secure RM31.38 billion in investments for Penang

20 Aug 2024

The Northern Corridor Implementation Authority (NCIA), in collaboration with the Malaysian Investment Development Board (Mida), has secured RM31.38 billion in investments for Penang during the first half of 2024.

NCIA chief executive Mohamad Haris Kader Sultan said that this substantial investment demonstrates strong investor confidence in the long-term prospects of the Northern Corridor Economic Region (NCER), particularly in Penang.

“These investments encompass key sectors outlined in the NCER Strategic Development Plan, including High Value Manufacturing, Advanced Services, and Modern Agriculture. As a result, more than 6,600 job opportunities have been created during this period.

“This positive performance will serve as a catalyst for NCER to continue driving investment and business ecosystem development in the second half of the year, leveraging the region’s strengths, especially in the electrical and electronic (E&E) and semiconductor sectors,” he said.

Haris also announced that the NCER Technology Innovation Center (NTIC) building in Bayan Lepas has been completed and will soon be operational. This facility is expected to significantly enhance innovation, research and development (R&D) activities, and strengthen the value chain for small and medium enterprises (SMEs), further establishing Penang as a regional hub for technology and innovation.

“In the first half of 2024, 16 local SME companies in Penang received support through matching grants under the NTIC programme to improve their value chains via the Centre of Excellence (CoE) and Technology and Innovation (T&I) initiatives.

“Additionally, 144 local workers have been approved to undergo technical skills training under the Advanced Technology Meister Programme (ATMP) initiative,” he added.

NTIC is a key component of NCER’s “Technology Valley” initiative, which focuses on research, product development, and specialised design. The programme also serves as a platform for large local companies (LLCs), multinational corporations (MNCs), start-ups, individual technocrats, and young entrepreneurs to engage in technological and high-value-added activities within NCER, ultimately enabling them to generate their own intellectual property (IP).

Source: NST