PENANG has consistently ranked as one of the top recipients of Foreign Direct Investments (FDI) in Malaysia, said Chief Minister, Chow Kon Yeow.
In 2023, he said Penang state secured RM60.1 billion in approved manufacturing investments, which represents 47 per cent of Malaysia’s total.
"Of this, 96 per cent was concentrated in the electronics, electrical, machinery, and chemical sectors," he said.
Chow also pointed out that between 2019 and 2023, Penang attracted RM99.8 billion in approved manufacturing investments from the European Union (EU), accounting for 51% of the state’s total approved investments. Major European investors include Robert Bosch, Boston Scientific, Benchmark, and Lumileds.
"Penang also remains a top contributor to the nation's exports, recording RM435 billion in exports in 2023.
"This makes up 31 per cent of the country's total exports," he said.
To sustain its economic leadership, Chow said the state government has launched several initiatives, including the Penang Strategy for Economic Ecosystem Development (Penang SEED).
"The five-year plan aligns with Penang2030 vision and focuses on workforce development, technological innovation, infrastructure enhancement, and sustainability,".
Infrastructure projects like the Penang Transport Master Plan (PTMP), including the expansion of Penang International Airport and the Mutiara LRT Line, are expected to improve global connectivity and boost economic efficiency, he added. – February 14, 2025
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