BATU KAWAN: IKEA Batu Kawan, the first store to be opened in the northern region, officially welcomed its customers today.
It is the 4th store of the Swedish furniture brand in Malaysia after IKEA Damansara, IKEA Cheras and IKEA Tebrau.
To date, there are more than 400 IKEA stores in 50 countries.
Finance Minister Lim Guan Eng said the store was the result of a RM650 million investment made by IKEA.
"The large investment highlights the level of confidence a well-renowned global company has in Malaysia. This will contribute positively to the regional economy," he said in his speech at the grand opening ceremony this morning.
Present was Chief Minister Chow Kon Yeow. Also present were the Swedish Ambassador to Malaysia Dag Juhlin-Dannfelt, IKEA Southeast Asia managing director Christian Roejkjaer and IKEA Batu Kawan store manager Pathmalingam Arumugam.
Lim said the development was an example of 4P partnership, a collaboration between the public, private, people and professionals.
"It is my hope that our success in Batu Kawan could be replicated elsewhere in the country so that we can raise the quality and the quantum of our economic growth that can be enjoyed by all Malaysians.
"I am happy to learn that this IKEA store has been built with sustainability in mind, which proves that sustainability can contribute positively to making a profitable business decision.
"With nearly a million households residing just within an hour drive from the store, the opening of IKEA Batu Kawan will open up new avenue for private consumption, and more importantly, by creating more than 300 new jobs especially in retailing and logistics for Penangites as well as for Kedahans," he added, noting that IKEA Batu Kawan has a special place in his heart.
Elaborating, Lim said Malaysia's economy remains strong this year, with the gross domestic product (GDP) expected to expand a further 4.9 per cent, driven by a healthy projected private consumption growth of 6.8 per cent.
He added that the robust consumer spending offers IKEA and the overall retailing industry good business growth prospects in the near future.
"The growth of the business segment is also a recognition of the business community's confidence in the country as a market brimming with growth potentials.
"Take IKEA as an example, its continued expansion within our country is a testament that Malaysia remains one of the preferred investment destinations in the world.
"And with the approved foreign direct investment (FDI) into Malaysia grown healthily, it proves the confidence investors have in the country," he stressed.
Chow said with IKEA and the thriving industrial sector stamping their marks in Batu Kawan, in time, Batu Kawan would become a burgeoning metropolis that holds a wealth of opportunities for residents, businesses and travellers alike.
"I am certain that together with other catalyst projects in Batu Kawan, IKEA will provide a great boost to Penang's economy. IKEA is like a magnet to Batu Kawan.
"The store will not only attract millions of shoppers, but it will bring hundreds of new jobs, create spin-off business for suppliers, draw in tourists and new investors," he said.
This success story, according to Chow, is in line with the Penang Development Corporation's (PDC) policy to promote and sell land to attract catalyst projects to Bandar Cassia, Batu Kawan over the past decade.
Meanwhile, Pathmalingam said the people of Penang and the northern region had been waiting for their very own IKEA store.
"Today, the wait is over. We have finally made their wish a reality. With something to offer for every age and taste, a trip to Ikea will be a fun day out for the entire family," he said.
Spanning 470,146 sq ft of retail space with more than 8,000 well designed, functional and affordable Swedish home furnishings, IKEA Batu Kawan kick-started operations at 10am.