PENANG Chief Minister Chow Kon Yeow will be away from the state from today until 14 August as he leads the island’s investment and trade mission to woo more foreign direct capital from the Americans.
The mission is organised by the key state agency InvestPenang, whose chief executive officer Datuk Loo Lee Lian will be a key part of the delegation.
The objectives of the mission are to renew ties and forge relationships with the corporate headquarters of American investors in Penang, Chow said in a statement.
This effort aims to encourage the expansion of their Penang sites and attract new investments.
Additionally, the mission seeks to update American companies on the latest developments and opportunities available in Penang, including information on recent advancements in infrastructure and policy changes to facilitate investment.
By enhancing visibility and further promoting Penang as a prime location, the mission also targets potential investors in the electrical and electronics (E&E), semiconductor, equipment, medical devices, integrated circuit (IC) design, digital global business services (DGBS), and digital economy industries, he added.
Throughout their visit, the Chief Minister and InvestPenang delegates will participate in a series of meetings and site visits with the corporate headquarters of American investors.
This is a valuable opportunity to showcase Penang's strengths, innovations, and commitment to being a resilient and sustainable investment location.
Chow also mentioned that during his in-person absence, the state's administrative affairs will continue to operate seamlessly.
Deputy Chief Minister I Datuk Mohamad Abdul Hamid remains at the Komtar administrative complex, as Chow's other deputy, Jagdeep Singh Deo, is on medical leave.
Penang recorded RM71.9 billion in investment inflows in 2023 – the highest in Malaysia – driven by foreign direct investments which accounted for RM61.7 billion, or 85.8% of Penang’s manufacturing investment inflows.
Chow had said that this was the result of its transparent, investor-friendly, and competitive policies. – 4 August 2024.
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