Penang’s total manufacturing investments in 2022 drop to RM13.7b from record high of RM76.2b in 2021

Malay Mail

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Malay Mail

GEORGE TOWN, March 15 — Penang recorded RM13.7 billion in approved manufacturing investments for the whole of 2022, according to a statement released by InvestPenang today.

This is a drop from the state’s record high approved manufacturing investments of RM76.2 billion in 2021, which accounted for 39 per cent of the country’s total at that time.

In 2022, the inflow of manufacturing investments involved 135 projects and were expected to generate 15,752 new job opportunities in Penang.

Among the projects approved were by foreign corporations like TF AMD, Boston Scientific, as well as homegrown companies like Greatech Integration and Inari Technology.

Citing data from Malaysia Investment Development Authority (MIDA), it said foreign direct investments (FDI) accounted for RM9.7 billion or 71 per cent of Penang’s manufacturing investment inflows in 2022, while the remaining RM4 billion or 29 per cent were domestic direct investments (DDI).

“With a 16 per cent share in Malaysia’s approved manufacturing investments in 2022, Penang is the second highest contributor among all states,” it said.

The approved manufacturing investments in the state were primarily driven by the state’s key industries such as electronics and electrical, machinery and equipment and scientific and measuring equipment.

Cumulatively, investments into these sectors accounted for 85 per cent of Penang’s total approved manufacturing investments in 2022, which is equivalent to 27 per cent of Malaysia’s investments in these three sectors.

“Penang stands out as a highly attractive investment destination with dynamic industries that are supported by a highly-qualified talent pool,” said Penang Chief Minister Chow Kon Yeow.

He said the state’s resilient economic performance underscores investors’ sustained confidence in the state, and sets the stage for its development to greater heights. “The Penang State Government would like to express our deepest appreciation to the investors for their confidence in Penang, as well as to MIDA for a conducive and fruitful collaboration with InvestPenang in attracting strategic investments into the state,” he added.