VIBRANT LOCAL EXPANSION SET TO DRIVE PENANG’S INVESTMENT PERFORMANCE IN 2022

GEORGE TOWN, Jan 13 – After record investments in 2021, InvestPenang expects the expansion of existing companies in the state to drive investments this year.

The Penang chief minister’s special investment advisor Datuk Seri Lee Kah Choon said InvestPenang has been in discussions with a few companies that are planning on local expansion in a big way.

“It will not be as big as Intel’s RM30 billion investments, but we are expecting it to be substantial as we expect companies to be on a vibrant expansion mode rather than new direct investments,” he told a virtual media briefing on the 50th Anniversary of Penang's Industrialisation programme here today.

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Lee said it would be natural for existing companies to expand their existing capacity here, especially considering the rising demand for electronic chips.

He noted that the pandemic has been posing a challenge for new foreign direct investments to come in as it is making travel and site assessment difficult for potential investors.

Lee said Penang’s ecosystem has the right ingredients to enable the adoption and participation of all stakeholders in the IR4.0 road map and “incorporating digitalisation in every aspect is the only way for us to compete in the global arena.”

“The state’s competitive edges in electrical and electronics (E&E), medical technology, digital economy and global business service (GBS) serve as an enabler in the digitalisation journey among businesses and governmental bodies into the future.

“Aside from these, the state is also exploring the opportunities in the food and space technology that are ripe for the picking,” he said, adding that all these capabilities would be showcased in the year-long celebration of the state’s 50th Industrialisation Anniversary.

On talent pool, Lee said Penang’s manufacturing sector used to be dominated by direct labour, however, it has undergone structural changes in the past two years as incoming new strategic projects, the rise of homegrown entrepreneurs, and growth in the startup landscape have sparked the creation of many high value job opportunities.

As such, he said InvestPenang it targeting to attract at least 150,000 knowledge workers to Penang over the next 10 years.

--BERNAMA