Penang bags RM17.3b in approved manufacturing investments
Your browser does not support the audio element.
Penang, Malaysia, has recorded a significant increase in approved manufacturing investments, securing RM17.3 billion in the first half of the year, according to the Malaysian Investment Development Authority (Mida). This represents a 38% year-on-year increase, with the state accounting for 34% of Malaysia's total approved manufacturing investments during the six-month period.
Foreign direct investment (FDI) made up 74% of Penang's approved manufacturing investments, totaling RM12.8 billion. Hong Kong, Singapore, China, and the United States were the top investors, collectively accounting for 77% of the state's approved manufacturing FDI. Penang Chief Minister Chow Kon Yeow attributed the state's investment performance to its established industrial ecosystem, stating that the focus moving forward would be on attracting strategic investments, encouraging localisation by multinational corporations, and developing an AI-ready ecosystem and talent to drive innovation and competitiveness.
Brief written by urgent.news from New Straits Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
