Foreign investors still show interest in Penang
PENANG continues to get foreign investment interest despite uncertainties caused by the 19% tariff on Malaysia's exports to the United States, says Chief Minister Chow Kon Yeow.
He said investors from countries like the US, China and Singapore have shown interest in Penang.
'InvestPenang has been busy managing enquiries from foreign investors looking to set up plants here.
'I attended a coordination meeting on a big investment and even though this is still at the initial stage, all relevant agencies are working towards securing this investment,' he said in a press conference at his office.
Chow said despite the uncertainties, Penang remained committed to developing its integrated circuit (IC) design ecosystem through initiatives such as Silicon Design @5km, the IC Design Park and the Penang Chip Design Academy.
'The 19% tariff on Malaysian exports to the US, matches rates imposed on other Asean countries.
'This places Malaysia back on a level playing field in the region.'
When asked about investment and job opportunities in Penang in the past five years, Chow said between 2020 and the first quarter of 2025, the state recorded RM191.4bil in approved manufacturing investments.
'There have been 79,498 jobs created during that period.
'The annual breakdown for the investments are RM14.1bil in 2020, RM76.2bil (2021), RM13.7bil (2022), RM63.4bil (2023), RM17.3bil (2024) and RM6.7bil in the first quarter of 2025,' he said.
On reports that the US may impose a 100% tariff on imported semiconductor chips, Chow said no official decision has been made.
'We will have to wait for the official announcement.
'Such speculation prolongs uncertainty and affects decision-making by multinationals.'
Prior to Aug 8, he said semiconductor exports from Malaysia to the US were exempt from the 19% tariff.
He urged the Investment, Trade and Industry Ministry to continue engaging with the US to maintain the exemption.
On Aug 6, US President Donald Trump reportedly said the US would impose a tariff of about 100% on imported semiconductor chips and that the new tariff rate would apply to 'all chips and semiconductors coming into the US'.
However, Trump said the tariff would not apply to companies that had already committed to manufacturing in the US or were in the process of doing so.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
a minute ago
- The Star
Brunei sees AI as key to streamlining Asean immigration services
FILE PHOTO: The Brunei Kuala Lurah immigration checkpoint in 2011. - Adeline Ngui/THE STAR BANDAR SERI BEGAWAN: Artificial intelligence (AI) holds great promise in transforming immigration services whether in streamlining visa applications, detecting irregularities, strengthening border surveillance, or enabling data-driven decisions, Minister of Home Affairs Datuk Seri Setia Ahmaddin Abdul Rahman said. However, pursuing such advancements, the human-centric aspect of immigration empathy, fairness and protection of rights must never be overlooked, he said. The minister made these comments at the opening ceremony of the 28th Asean Directors-General of Immigration Departments and Heads of Consular Affairs Divisions of The Ministries of Foreign Affairs (28th DGICM) and Its Related Meetings on Wednesday (Aug 13) hosted in Brunei Darussalam. He said the DGICM serves as a crucial platform to strengthen cooperation and dialogue among Asean member states on immigration and consular matters. 'It plays a vital role in enhancing the facilitation of intra-Asean travel, addressing cross-border challenges and advancing collaborative efforts on regional mobility, border management and the development of immigration policies.' The minister noted that Asean DGICM member states remain steadfast in their collective commitment to addressing increasingly complex and evolving challenges that impact border security at national, regional and international levels. He highlighted, 'This year's meeting, will also deliberate new and forward-looking initiatives, including the proposed study on the feasibility of providing visa exemption facilities for specified categories of travellers, and the further development of the Asean Immigration Training Centre.' He said, 'These discussions are timely and strategic as we continue to seek practical solutions to improve mobility while ensuring security.' He also noted that DGICM's engagement with dialogue partners has grown meaningfully. 'Since the formalisation of dialogue with the Plus Three countries China, Japan, and the Republic of Korea in 2022, we now mark the fourth year of our growing collaboration.' He shared that 'this year also marks the 20th DGICM +Australia Consultation. The progress achieved, especially in capacity building and knowledge exchange, is commendable. I applaud the continued commitment and shared efforts from all our partners. 'As we navigate an increasingly interconnected world shaped by rapid digital transformation and emerging global threats, the field of immigration management must also evolve. The DGICM plays an integral role in supporting the Asean Community Vision through enhanced cooperation and innovation,' the minister said. - Borneo Bulletin/ANN
New Straits Times
32 minutes ago
- New Straits Times
Palm falls on lower edible oils at Dalian
JAKARTA: Malaysian palm oil futures opened lower on Thursday as the market tracked lower edible oil prices at the Dalian exchange. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange lost 26 ringgit, or 0.59 per cent, to 4,409 ringgit (US$1,051.26) a metric ton in early trade. Dalian's most-active soyoil contract fell 0.14 per cent, while its palm oil contract declined 0.09 per cent. Soyoil prices on the Chicago Board of Trade were also down 0.13 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. China announced preliminary anti-dumping duties on Canadian canola imports on Tuesday, which will be effective from Thursday, escalating a year-long trade dispute that began with Ottawa's imposition of tariffs on Chinese electric vehicle imports last August. Malaysia raised its September crude palm oil reference price, a change that increases the export duty rate to 10 per cent, a circular on the Malaysian Palm Oil Board website showed on Wednesday. Oil prices edged higher on Thursday, regaining ground after a sell-off in the previous session, with the upcoming meeting between US President Donald Trump and his Russian counterpart Vladimir Putin raising risk premiums in the market. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, the palm's currency of trade, strengthened 0.26 per cent against the dollar, making the commodity more expensive for buyers holding foreign currencies. Palm oil still targets a range of 4,388-4,400 ringgit per metric ton, as it failed to break strong resistance at 4,455 ringgit, Reuters technical analyst Wang Tao said. The US dollar was under pressure on Thursday as traders piled into wagers that the Federal Reserve will resume cutting interest rates next month, powering Bitcoin to a record high, while a blistering rally in regional stocks took a breather.
The Sun
32 minutes ago
- The Sun
Urban Republic and Switch unveil national e-waste recycling initiative
URBAN REPUBLIC and Switch are proud to announce the launch of RE:Cycle, a bold new sustainability initiative designed to encourage responsible e-waste disposal while rewarding environmentally conscious consumers. Starting August 8 2025, the RE:Cycle campaign will be available at all Urban Republic and Switch outlets across Klang Valley, Johor, and Penang, offering customers a convenient way to dispose of their unwanted or unusable electronic devices — and earn instant rewards. 'E-waste poses a significant threat to the environment, and we believe retailers have a responsibility to lead by example. 'RE:Cycle is about making sustainable choices easy and rewarding for everyone,' said Lawrence Seng, General Manager of Techero. How the RE:Cycle Program Works: Drop off your e-waste Accepted items include a wide range of electronics — from power banks, wires, and cameras to monitors and speakers. Device check Submitted items will undergo a safety inspection to ensure they are not hazardous (e.g., leaking batteries or rusted parts). Get rewarded Participants will receive cash vouchers based on the type and condition of the e-waste. Vouchers are valued at RM10, RM20, or RM30, redeemable at Urban Republic and Switch stores. A step toward sustainable living The RE:Cycle campaign is a key part of Urban Republic and Switch's commitment to sustainability, aiming to raise awareness about the growing problem of e-waste and promote eco-friendly habits among Malaysian consumers. Customers can learn more about accepted items, full terms and conditions, and participating store locations by scanning the QR code available in-store or visiting and Join us in making a difference Let's work together to reduce e-waste, conserve resources, and build a more sustainable future — one device at a time.
