Penang still attracting foreign investors despite US tariff fears, says chief minister
He said state agency InvestPenang has been kept busy managing inquiries from foreign investors looking into setting up plants here.
'Just this morning, I attended a coordination meeting to receive a big investment and even though this is still in the initial stage, all relevant agencies are working towards securing this investment,' he told reporters at his office in Komtar.
He said the new 19 per cent tariff announced by Washington for Malaysia — which matches rates imposed on other Asean countries — places Malaysia back on a level playing field in the region.
On reports that the US may impose a 100 per cent tariff on imported semiconductor chips, Chow said no official decision has been made yet.
'We will have to wait for the official announcement at the end of this month,' he said, adding that such speculation prolongs uncertainty and affects decision-making by multinationals.
He said semiconductor exports from Malaysia to the US are currently exempt from the 19 per cent tariff set to take effect on August 8, and urged the Investment, Trade and Industry Ministry to keep engaging with the US to maintain this exemption.
Despite the uncertainties, Chow said Penang remains committed to developing its IC design ecosystem through initiatives such as Silicon Design @5km, the IC Design Park and the Penang Chip Design Academy.
Between 2020 and the first quarter of 2025, Penang recorded RM191.4 billion in approved manufacturing investments, Chow said, with 79,498 jobs created during that period.
The annual breakdown is RM14.1 billion (2020), RM76.2 billion (2021), RM13.7 billion (2022), RM63.4 billion (2023), RM17.3 billion (2024) and RM6.7 billion in Q1 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
Zafrul: Rules-based trading system vital for today
OSAKA: Asean's strong position and principles of centrality and multilateralism must be reinforced in facing geopolitical and geoeconomic challenges, says Tengku Datuk Seri Zafrul Abdul Aziz ( pic ). The Investment, Trade and Industry Minister said a rules-based trading system is important for Asean, especially in today's scenario, where things are uncertain when it comes to trade. 'Given the geopolitical tension and geoeconomic challenges that we face today, trade diversification is an important strategy, and focus,' he said at the Asean Day celebration held on the sidelines of the World Expo 2025 here. Tengku Zafrul said Asean, among others, has decided to upgrade the Asean trade and goods agreement to strengthen economic cooperation. 'When people are challenging the current economic order, we feel that we should double down on strengthening the principles of multilateralism. In fact, we are looking at new areas of cooperation in trade, where we are probably going to be the first bloc to sign a digital economy framework agreement,' he said. Tengku Zafrul also said that it is important for Asean to focus on sustainable growth for the region, particularly in terms of gross domestic product and in markets to expand trade and investment. 'We want growth to be inclusive, and equitable. In light of what's happening globally, we also want the growth to be resilient,' he added. Tengku Zafrul said the World Expo 2025 in Osaka offers a timely platform for Asean to showcase not just its identity but also its diversity and unity to the global community. 'We look forward to welcoming Japan to the Asean Economic Ministers' Meeting in September and to the Asean Leaders' Summit in October. I believe that through constant dialogue we build trust, and that trust will build a much better Asean and a much better Asia for our future generations,' he said. Asean Economic Community deputy secretary-general Satvinder Singh said Asean has expressed its readiness to upgrade its free trade agreement (FTA) with Japan, signalling a desire to bring the decades-old pact into the modern economic era. He said there is a growing urgency and opportunity to refresh the Asean-Japan Comprehensive Economic Partnership signed in 2008 in line with new economic realities. He highlighted Asean's recent achievements in modernising economic agreements with China, Australia, New Zealand, and India, which now include new components such as e-commerce, innovation, global supply chain resilience, and sustainability. 'Clearly, Japan should also be one of the priorities for Asean in the coming years. On the Asean side, we are ready to engage with Japan when it is ready,' he added.
The Star
an hour ago
- The Star
M'sia nears RM13bil target at expo
Flipping success: Tengku Zafrul is all smiles as a 'roti canai terbang' demonstration proves why this classic dish is a hit at the Malaysia Pavilion in Osaka. Zafrul: Green tech, halal, and digital economy attract investors OSAKA: Malaysia is close to meeting its potential investment target of RM13bil at the World Expo 2025, while the number of visitors to the Malaysia Pavilion has surpassed the 1.5 million set earlier, says Tengku Datuk Seri Zafrul Abdul Aziz. The Investment, Trade and Industry Minister said that Malaysia is currently slightly below its potential investment target, with the total amount at RM11.2bil. He expressed confidence that with still three months to go before the expo ends, the RM13bil target is achievable. 'Hopefully we can meet the target. It's not too far away,' he said. Among the sectors that caught investors' interest were green technology, the halal industry, renewable energy, the bioeconomy, and the digital economy. A total of 34 memoranda of understanding have been signed so far. He said the number of visitors has already reached 2.2 million. Tengku Zafrul said one of the crowd pullers to the Malaysia Pavilion is the roti canai, a staple in Malaysia, where about 1,500 pieces are easily sold daily. 'We also showcase our traditional performances outdoors. This also draws visitors to our pavilion,' he told reporters after visiting the Malaysian Pavilion at the World Expo here. Osaka hosts the World Expo 2025 from April to October. Tengku Zafrul said that Malaysian companies are already scouting opportunities for the 2030 World Expo in Riyadh, Saudi Arabia. He revealed that 25 Malaysian companies are offering their capabilities not only in construction but also in other services for the World Expo 2030. 'I had a meeting at the pavilion of the Kingdom of Saudi Arabia, where they presented their plans for the World Expo for 2030 in Riyadh. 'We also sought to understand the progress regarding the potential participation of Malaysian companies. 'They said they are open to supporting (Malaysian companies) in building the World Expo,' he said. Whether Malaysia will participate in World Expo 2030, Tengku Zafrul said the matter will be left to the Cabinet to decide. He said an official invitation to join the Expo will be sent in due course. 'When we receive the official invitation, we will consider the whole concept. 'The next step will be to make a presentation to the Cabinet and then make a decision,' he said. The World Expo is a large- scale international exhibition held every five years that serves as a platform for nations to showcase their latest innovations, technologies and cultural achievements.
The Star
an hour ago
- The Star
So far so good, but...
THE Malaysia-brokered ceasefire on the Thai-Cambodian border began with all the right signals, following deadly clashes for all the wrong reasons. Both sides showed maturity in accepting Malaysia's role and acknowledging the Asean Chair's peacemaking obligations. With more maturity and wisdom, they would have avoided the clashes altogether.
