Chief Minister Chow Kon Yeow said the latest figure released by the Malaysian Investment Development Authority (Mida) was testament that Penang continues to remain as a favourable investment destination. (NSTP/RAMDZAN MASIAM)

GEORGE TOWN: Penang recorded RM13.3 billion of total approved manufacturing investment in the first nine months of this year, way surpassed its full-year target of RM10 billion.

Of this, RM12 billion are manufacturing foreign direct investment (FDI), an increase of 247 per cent on a year-on-year and surpassed last year’s full-year amount of RM5.8 billion.

The total approved manufacturing investment is from 113 manufacturing projects, with the two major sectors being electronics and electrical products and scientific and measuring equipment, and is expected to create 15,013 new jobs.

The total approved manufacturing investment for the period of January and September put Penang the second highest among the states.

Chief Minister Chow Kon Yeow said the latest figure released by the Malaysian Investment Development Authority (Mida) was testament that Penang continues to remain as a favourable investment destination.

He said the optimal combinations of well-established ecosystem, strong talent pool, good infrastructure, accumulated experience in industrialisation and the state’s strong support services to investors made Penang a preferred destination for investments.

“Penang continues to strengthen its position as a destination of choice for investors despite rising global macroeconomic uncertainties, including the prevailing US-China trade war which has taken place for about 18 months.

“Penang is still under the radar of investors as corporates strategies to diversify their manufacturing geographical footprint and supply chain base,” he told newsmen at his office when announcing the figures today.

Penang, Chow said, contributed 23 per cent of Malaysia’s total manufacturing investment during the period.

“This is also 100 per cent above its 10-year average (of RM6.6 billion) approved manufacturing investments record. Notably, Penang is also one of the key contributors to Malaysia’s FDI, an increase of 445 per cent year-on-year, representing 30.6 per cent of Malaysia’s total manufacturing FDI,” he said.

He added that the top FDI were from the United States, Singapore and United Kingdom.

“Remarkable investments in Penang included projects from Micron Technology, Jabil Circuit and Smith + Nephew, among others,” he pointed out.

Chow said the state was cautiously optimistic on the near-term outlook with the continued challenging global environment.

“However, we maintain our stand that Penang will continue to position itself as a preferred destination for investment.”

The state will continue to focus on bringing in high quality, high technology investment with high value jobs that suit the state’s industry profile.

“Penang is committed to continue strengthening our efforts to work with new and existing investors for long-term growth together,” he stressed.