Penang bags RM8.8b investments in first quarter of 2019

Penang Chief Minister Chow Kon Yeow speaks to the press regarding the state's investment record at Komtar June 12, 2019. — Picture by Sayuti Zainudin
Penang Chief Minister Chow Kon Yeow speaks to the press regarding the state's investment record at Komtar June 12, 2019. — Picture by Sayuti Zainudin

GEORGE TOWN, June 12 — Penang recorded RM8.8 billion in total investments for the first three months of the year, Chief Minister Chow Kon Yeow announced today.

Quoting figures from the Malaysian Investment Development Authority (Mida), he said Penang secured 41 projects or 35 per cent of total approved investment in the country for the period.

“Penang’s achievement of RM8.85 billion in the first quarter of 2019 has already surpassed 2018’s full-year investment amount of RM5.78 billion,” he said in a press conference in his office today.

He said the sum of the approved investment is expected to create 10,073 new job opportunities in Penang.

Penang is also the key contributor to Malaysia’s foreign direct investment (FDI) as RM8.47 billion out of the total investments were FDI, Chow highlighted before adding that the figure represented 42 per cent of Malaysia’s total FDI.

“Regardless of whether the US and China could strike a deal on the trade agreements, corporates will have to strategise to diversify their manufacturing geographical footprint, to avoid being a victim of the two superpowers’ trade and technology fight, which could last for years,” he said.

He said the global supply chain is set for a shake-up so Penang must position itself to seize the opportunities arising from this upheaval.

Chow said the state must remain cautiously optimistic in the near term due to the trade war between the US and China.

“We acknowledge that the trade spat could have a negative impact on certain small medium enterprises and the broader economy,” he said.

Penang will keep monitoring the situation and work closely with the multinational and local companies to face coming challenges, Chow said.

“The superb first quarter investment figure may not repeat itself in the second or third quarter but Penang’s investment outlook is on the right track over the medium to longer term,” he said.

He said Penang, through InvestPenang, will continue to focus on bringing high-quality investment that could create high-value jobs and suit the state’s industry profile.

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