Penang Chief Minister Chow Kon Yeow (Photo: Internet) Kuala Lumpur (VNA) – The Malaysian state of Penangrecorded a total of 9.12 billion RM (nearly 2.2 billion USD) in approvedmanufacturing investments in the first half of this year, according to theMalaysian Investment Development Authority (MIDA).
Notably, investment in the field in the second quarter alone reached 2.02billion RM (485 million USD), a strong rise compared to the same period lastyear.
PenangChief Minister Chow Kon Yeow said the state attracted 29 projects in the secondquarter of this year. These projects, together with approved projects in theprevious quarter, are expected to generate 6,971 new jobs.
In the second quarter, 1.65 billion RM (396 million USD) or 82 percent of statemanufacturing investments came from foreign direct investment (FDI), whereas theremaining 373 million RM (89.5 million USD) or 18 percent consisted of domesticdirect investment (DDI), he added.
He also said that on a year-on-year basis, Penang’s approved manufacturing FDIrose 600 percent, while DDI rose 186 percent in the second quarter of this year.
He saiddespite the COVID-19 pandemic and the imposition of the Movement Control Order(MCO) by the Federal Government throughout the period, investors remainedconfident in Penang.
According to Chow, Penang’s sustainable business environment, vigorousindustrial ecosystem, and supportive infrastructure are among the state’sappealing aspects that continue to attract investors.
According to data, the electronics &electrical (E&E), machinery & equipment, and scientific and measuringequipment manufacturing sectors remained the state’s main push, collectivelycontributing 93 percent of the state’s total approved manufacturing investmentsin the first half of 2020./.
Notably, investment in the field in the second quarter alone reached 2.02billion RM (485 million USD), a strong rise compared to the same period lastyear.
PenangChief Minister Chow Kon Yeow said the state attracted 29 projects in the secondquarter of this year. These projects, together with approved projects in theprevious quarter, are expected to generate 6,971 new jobs.
In the second quarter, 1.65 billion RM (396 million USD) or 82 percent of statemanufacturing investments came from foreign direct investment (FDI), whereas theremaining 373 million RM (89.5 million USD) or 18 percent consisted of domesticdirect investment (DDI), he added.
He also said that on a year-on-year basis, Penang’s approved manufacturing FDIrose 600 percent, while DDI rose 186 percent in the second quarter of this year.
He saiddespite the COVID-19 pandemic and the imposition of the Movement Control Order(MCO) by the Federal Government throughout the period, investors remainedconfident in Penang.
According to Chow, Penang’s sustainable business environment, vigorousindustrial ecosystem, and supportive infrastructure are among the state’sappealing aspects that continue to attract investors.
According to data, the electronics &electrical (E&E), machinery & equipment, and scientific and measuringequipment manufacturing sectors remained the state’s main push, collectivelycontributing 93 percent of the state’s total approved manufacturing investmentsin the first half of 2020./.
VNA
