Penang's new investment facilitation centre to spur locally driven growth amid global uncertainty, says CM
GEORGE TOWN, May 6 — The establishment of an Invest Malaysia Facilitation Centre (IMFC) in Penang will encourage domestically driven investments, said Penang Chief Minister Chow Kon Yeow.
He said this is especially crucial during this period of global economic uncertainty.
In welcoming the recent announcement by the prime minister that IMFC will also be established in Penang, he said it is a strategic move that can strengthen Malaysia's position as a regional investment destination.
'It also presents an opportunity for Penang to align its own initiatives, particularly the Penang International Financial Centre (PIFC), to ensure cohesive and complementary growth,' he told Malay Mail in a brief response to the announcement.
He said the IMFC could help facilitate more Foreign Direct Investment (FDI) into Malaysia, benefiting multiple states including Penang.
'Such developments can enhance investor confidence in Malaysia's long-term economic stability and governance,' he said.
'For Penang, this underscores the need to strengthen our own investment value proposition, especially in new areas such as digital finance, ESG investments, and fintech,' he said.
Chow said Penang's robust ecosystem in manufacturing and global business services will continue to draw in investors.
'The state government remains committed to fostering an investment climate that supports both international and local economic resilience,' he said.
He said the state will wait for more information from the federal government on the execution of IMFC.
Recently, Prime Minister Datuk Seri Anwar Ibrahim announced that Putrajaya will be establishing IMFC in Sarawak and Penang.
The IMFC was first established in 2023 to enhance the existing advisory service centre at the Malaysian Investment Development Authority (Mida).
Its primary objective was to expedite the process of various approvals for investments.
A second IMFC was established in Johor in February this year at Forest City for the Johor-Singapore Special Economic Zone.
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