Penang recorded RM411.8m in approved manufacturing investments from China in 1H2024 — CM

Penang recorded RM411.8m in approved manufacturing investments from China in 1H2024 — CM

24 Sep 2024

Penang recorded approved manufacturing investments totalling RM411.8 million from China in the first half of this year, said Chief Minister Chow Kon Yeow.

He highlighted that 53 Chinese companies are currently operating in Penang, with 46 involved in manufacturing, five in global business services and two in logistics.

“Our long-standing relationship with China has strengthened over the years, especially in trade and investments.

“Over the past decade, Penang has secured RM13.2 billion in approved manufacturing investments from China (representing 6.8% of Penang’s total foreign direct investments (FDI)) in approved manufacturing investments, with a 50.5% compound annual growth rate,” he said during a reception in celebration of the 75th anniversary of the founding of the People’s Republic of China here on Tuesday.

Chow said the state will continue to welcome strategic investments from China in promoted sectors, especially those that can generate a series of multiplier effects in terms of ecosystem relevance, high value-added, global value chain exposures and supply chain localisation opportunities.

On tourism, he noted a sharp rise in Chinese visitors to Penang, where in the first eight months of 2024 (8M2024), the state welcomed 74,891 Chinese tourists via Penang International Airport (PIA) and 8,391 through the Swettenham Pier Cruise Terminal (SPCT).

This marked a significant increase from 8M2023, where PIA saw 21,529 arrivals of Chinese tourists and SPCT recorded 5,819 Chinese visitors.

Meanwhile, China’s consul general in Penang, Zhou Youbin noted that Penang, Kedah, Perlis and Perak have witnessed a continuous development in bilateral economic and trade cooperation, with an endless stream of Chinese enterprises exploring investment opportunities in the states.

He said many Chinese enterprises currently operating in the consular district have decided to increase their investment and expand their business to support local economic development.

Zhou added that in 8M2024, bilateral trade between China and Malaysia surged to US$135.23 billion, an 11% increase compared with 8M2023.

China is Malaysia’s largest trading partner and a major FDI source. Last year, the country was one of Malaysia’s five largest sources of foreign investment, with a total investment of US$3.15 billion.

Source: Bernama