PENANG’S RECORDS APPROVED MANUFACTURING INVESTMENTS OF RM14.1 BLN IN 2020

GEORGE TOWN, March 4  -- Penang recorded total approved manufacturing investments of RM3.5 billion for the fourth quarter of 2020, bringing cumulative inflows to RM14.1 billion for 2020.

InvestPenang said the investment achievement for 2020 was the second highest in its history, which was only short of 2019’s historical high of RM16.9 billion, reflecting investors’ continued confidence in Penang as a sustainable investment location.

Of the RM14.1 billion, it said RM10.6 billion, or 75 per cent, were made up of foreign direct investment (FDI), making Penang the third highest manufacturing FDI recipient in Malaysia, attributed to projects from DexCom Inc, Ultra Clean Holdings, Bruker Malaysia, among others.

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Meanwhile, the domestic direct investment (DDI) in Penang amounted to RM3.6 billion for 2020, a testament to Penang’s robust industrial ecosystem as a platform in which local players can participate and thrive.

InvestPenang said the total approved manufacturing investments were primarily related to the state’s key promoted industries such as the electronics & electrical, machinery & equipment, and scientific & measuring equipment (including medical devices) industries.

“Cumulatively, investments into these sectors accounted for 89 per cent of Penang’s total approved manufacturing investments in 2020, which in turn, accounted for 50 per cent of Malaysia’s investments in these three sectors.

“Investors’ continuous trusts in Penang indicate that the state’s strong fundamentals and versatile ecosystem have the capacity and capability to support the needs of industries’ next generation technologies, products, and long-term growth strategies,” InvestPenang said in a statement.

It said according to the Malaysian Investment Development Authority (MIDA), investment inflows involved 58 projects in 4Q20, whereby, together with projects approved during the nine months period last year, are expected to generate 13,268 jobs in the state.

In 4Q20, InvestPenang said the state recorded DDI at RM1.8 billion while FDI at RM1.7 billion.

-- BERNAMA