Penang attracts RM13.7 bil approved manufacturing investments in 2022

Penang attracts RM13.7 bil approved manufacturing investments in 2022

15 Mar 2023

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

In a statement, InvestPenang 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%) in foreign direct investments (FDI) and RM4 billion (29%) 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.

InvestPenang said Penang is the second highest contributor among all states in Malaysia’s approved manufacturing investments in 2022, with a 16% 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% of Penang’s total approved manufacturing investments, which is equal to 27% of Malaysia’s investments in these three industries.

“This demonstrates 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.

Source: Bernama