Penang, Among Top Investment Destinations In Malaysia

BAYAN LEPAS, Penang, July 16 (Bernama) —  “The Penang state has consistently been ranked among the top investment destinations in the country over the last five decades. In terms of investment, from 1980 to 2018, MIDA has approved a total of 4,084 manufacturing projects with investments worth RM129.1 billion for Penang. Approved foreign investments in the manufacturing sector totalled RM90.4 billion, accounting for 70 per cent of total investments approved for the State, while domestic investments are the remaining 30 per cent or RM38.7 billion. In the first quarter of this year, Penang recorded another RM8.8 billion of total approved investment in the manufacturing sector, 780% higher compared with RM1.0 billion, approved in the same period last year. Of this, RM8.5 billion were from foreign investments, representing 42.1 per cent of Malaysia’s total approved FDI in the manufacturing sector for the period of January to March 2019. Notable approved manufacturing projects in Penang include projects from Micron Technology and Jabil Circuit,” said Mr. Zabidi Mahbar, Deputy Chief Executive Officer II of the Malaysian Investment Development Authority (MIDA) in his welcoming remarks at the Domestic Investment Seminar in Penang held this morning.