NO company in Penang has expressed any intention to pull out following the imposition of tariffs by the United States, said Invest Penang.
Invest Penang is responsible for overseeing investment into the state,
Its chief executive officer Datuk Loo Lee Jian said all companies remained steadfast in their commitments and there has been no news of any pull-outs.
Earlier, Chief Minister Chow Kon Yeow said that Penang was redoubling efforts to move up the value chain in the semiconductor industry.
The state is regarded as an important component in the global supply chain for electrical and electronics.
Chow said this after launching the Invest Penang programme to conduct business matching between local start-ups and integrated circuit design firms with venture capitalists, multinational corporations and private equity companies.
He said that despite the possibility of tariffs been imposed on semiconductors, investment continues to grow in Penang.
Chow stressed that the industry needs to move on with their decision on investments despite the uncertainty of tariffs.
"Interests in investing with us, has not gone down but on the contrary, it has increased."
Later, Invest Penang released impressive figures from the first half of this year with RM12.5 billion worth of approved manufacturing investments.
This is a 150 percent increase compared to the same period last year.
Out of the figure, 92 percent was from the electrical and electronics, machinery, equipment and chemical products industries.
A total of 86 manufacturing projects were approved, and 11,116 new jobs were created from January till June, this year.
From RM12.5 billion, 84% were foreign direct investments while 16% were domestic investments. - August 27, 2025.
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