Penang Records RM1 Billion Investment In Q1

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GEORGE TOWN, Aug 11 – Penang has chalked up investments worth RM1 billion in the first quarter of this year. Chief Minister Chow Kon Yeow said the first quarter figure comprised RM580 million of foreign investments and RM439 million from domestic investors.

“With the record investment captured so far, Penang is expected to continue attracting more new investments and reinvestments despite challenges at the global level,” he said when winding up the debate on the address of Penang Yang Dipertua Negeri Tun Abdul Rahman Abbas at the State Legislative Assembly sitting here today.

He said among the global developments which were being monitored closely was the U.S.-China tariff issue and if it were to continue, it may result in a world economic slowdown.

He said Penang also achieved the highest foreign manufacturing investment in Malaysia last year with RM8.5 billion while local investors contributed RM2.3 billion.

“Total investments in manufacturing in Penang approved by the Malaysian Investment Development Authority (MIDA) amounted to RM10.8 billion last year, ” he said.

Chow said Penang would continue to build on the synergy and cooperation with federal agencies and the state to draw more investments to the state.

He said Penang would continue to expand and enhance its reputation as a centre of excellence to attract the best talents in line with the fourth industrial revolution. — Bernama

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