5 days ago
Foreign investors still show interest in Penang
Chow says Penang is committed to developing its integrated circuit design ecosystem.
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.
