Penang approved RM76.2b manufacturing investments in 2021

By TMR / Pic BERNAMA

PENANG’S approved manufacturing investments hit a record high of RM76.2 billion, surged 440% year-on-year (YoY), driven mainly by the existing investors’ reinvestments into the state, InvestPenang said in a statement yesterday. 

Penang’s 2021 record significantly outpaced the past performances, and exceeded the cumulative investments garnered from 2012 to 2020 (RM73.1 billion). 

According to the data from the Malaysian Investment Development Authority, Penang’s investment inflows in 2021 involved 111 projects. 

The approved manufacturing investment in 2021 accounted for 39% of the country’s total. 

In particular, foreign direct investments (FDIs) contributed 98% of Penang’s approved manufacturing investments or RM74.4 billion (YoY: +606%), making Penang the highest manufacturing FDI recipient in Malaysia, capturing 41% of the country’s said total FDI during the period. 

Notable 2021 FDI in Penang included projects from Intel Electronics Ltd and Ibiden Electronics (M) Sdn Bhd, while the projects from domestic direct investments included Greatech Integration (M) Sdn Bhd, among others. 

“I am confident of Penang’s robust industry ecosystem and strong talent pool, enabling the companies to achieve supply chain resiliency and operational advantage. This is especially critical to cushion the impacts brought by the global supply chain disruptions and reconfigurations. 

“In addition, these investments are expected to generate tremendous supply chain localisation opportunities, which bodes well for the homegrown companies, further cementing Penang’s penetration into the global value chain,” said Penang Chief Minister Chow Kon Yeow. 

Given the extensive investments from global top-notch companies in Penang that span numerous functionality and high-tech disciplines, Chow also urged talent with various expertise to explore the job opportunities in the state.