![[UPDATED] Penang’s 2022 manufacturing investments at RM13.7 bil, falls by RM62.5 bil](https://media.thevibes.com/images/uploads/covers/_large/20210106-penang_factories-bayan_lepas_industrial_park-screengrab.png)
GEORGE TOWN – Penang’s approved manufacturing investments of RM13.7 billion in 2022 is a far cry from 2021’s record-setting RM76.2 billion – an RM62.5 billion fall.
In a statement released by InvestPenang, the inflow of manufacturing investments involved 135 projects and when realised, is expected to generate 15,752 new jobs in the state.
Among the projects approved involved multinational corporations such as TF-AMD and Boston Scientific, as well as large home-grown firms Greatech Integration and Inari Technology.
InvestPenang cited data from the Investment Development Authority (Mida) that said foreign direct investments accounted for RM9.7 billion or 71% of Penang’s manufacturing inflows in 2022, while the remaining RM4 billion or 29% came as domestic direct investments.
InvestPenang said the state is the second-highest contributor among all states for approved manufacturing investments in 2022, with a 16% share.
It added that this was primarily driven by the electrical and electronics; machinery and equipment; and scientific and measuring equipment – including medical devices – industries.
Cumulatively, investments into these sectors accounted for 85% of Penang’s total approved manufacturing investments in 2022, which is equivalent to 27% of Malaysia’s investments in these three sectors.
“This demonstrated Penang’s instrumental role in driving Malaysia’s participation in the global supply chain in these areas,” it added.
Meanwhile, Chief Minister Chow Kon Yeow said Penang stood out as a highly attractive investment destination with dynamic industries supported by a highly qualified talent pool.
“The state’s resilient economic performance underscores investors’ sustained confidence in the state and sets the stage for its development to greater heights.
“The state government would like to express our deepest appreciation to the investors for their confidence in Penang as well as to Mida for a conducive and fruitful collaboration with InvestPenang in attracting strategic investments into the state.” – The Vibes, March 15, 2023
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