RM6.7bil investment boost for Penang in first quarter
PENANG has recorded RM6.7bil in approved manufacturing investment in the first quarter of the year, Chief Minister Chow Kon Yeow says.
He said the state continued to show resilience and competitiveness as a leading investment destination amid global uncertainties and persistent trade tensions.
'The RM6.7bil secured in approved manufacturing investments represented 22% of Malaysia's total. Penang is the second highest contributor among all states.
'The investments stem from 36 approved manufacturing projects and are expected to create 4,577 new job opportunities, further strengthening Penang's position as an economic powerhouse,' he said during a press conference at Komtar.
Of the total investments, Chow said 90%, or RM6.1bil, came from foreign sources.
This, he said, reaffirmed Penang's position as a trusted global hub for advanced manufacturing and innovation.
He added that the breakdown further reflected the state's industrial strength, with 79% of the investments directed to the electrical and electronics (E&E) sector and 15% to machinery and equipment.
Chow says the investments in Penang underscore continued trust from the world's leading technology players.
Chow noted that the United States led foreign investments with RM2.4bil, followed by Hong Kong (RM1.3bil) and Taiwan (RM1.1bil).
The Padang Kota assemblyman said he remained optimistic about Penang's medium-to-long-term investment prospects, despite the uncertainties caused by US tariffs.
'InvestPenang, the state's investment promotion agency, continues to receive strong interest from global investors, both for new investments and reinvestments in Penang.
'We are currently filtering through these investor enquiries and hope they will yield positive results once due diligence is completed.
'This sustained interest echoes Penang's strong performance in 2024, with Singapore (RM4bil), the United States (RM2.9bil) and Taiwan (RM2.1bil) ranked as Penang's top investing economies,' said Chow.
This, he noted, underscored continued trust from the world's leading technology players.
He said the upward momentum was the result of Penang's consistent focus on building a resilient, innovation-driven economy.
'Our strategic positioning in the global supply chain is strengthened by the alignment of forward-looking policies, industrial infrastructure and a highly skilled talent pool.
'While we continue to excel in manufacturing, Penang is now advancing into high-value domains such as integrated circuit design, advanced packaging as well as precision equipment manufacturing to support the National Semiconductor Strategy.
'At the same time, we are nurturing emerging sectors, including medical technology and global business services to ensure broader, more sustainable growth,' he said.
Chow said Penang remained firmly committed to unlocking new frontiers of economic opportunity.
'Our priorities are clear – to cultivate innovation, empower our workforce and build a resilient ecosystem that welcomes high-impact, transformative investments,' he added.
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