PENANG has recorded RM14.1 billion in total approved manufacturing investments for the year 2020, according to latest investment figures released by the Malaysian Investment Development Authority (MIDA).
Foreign direct investments (FDI) accounted for 75% of approved manufacturing investments or RM10.55 billion (YoY: -30%) in 2020, making Penang the third highest manufacturing FDI recipient in Malaysia, accounting for 19% of the country’s total FDI.
Domestic direct investments (DDI) in Penang jumped 92% year-on-year to RM3.56 billion, a testament to the State’s robust industrial ecosystem as a platform in which local players can participate and thrive.
The RM3.5 billion investment inflows in 4Q20 (according to MIDA) involved 58 projects. We expect that the projects approved in the year 2020 can generate 13,268 new job opportunities in Penang.
DDI increased 198% year-on-year to RM1.8 billion in 4Q20, representing 51% of the State’s manufacturing investment inflows. Meanwhile, the remaining 49% or RM1.7 billion came from FDI.
The State government is happy to achieve such a commendable investment performance despite the global economic uncertainties.
Our versatile ecosystem and strong fundamentals have the capacity and capability to support the needs of the industries’ next-generation technologies, products, and long-term growth strategies.
We would like to express our deepest appreciation to the investors for their confidence in Penang. We would also like to thank MIDA for the conducive and fruitful collaboration with InvestPenang in attracting strategic investments into the State.
To ensure Penang remains as a preferred destination for high-quality investments, the State will continue to focus on upholding Penang’s competitive edge in advanced manufacturing, to further strengthen Penang’s industry clusters and to embark on a massive drive to attract talents into the State.
Looking ahead, the successful roll out of the Covid-19 vaccination programme will be a key factor for us to return to pre-pandemic strength.
However, for now, it is critical that we continue to stay vigilant and adhere to Covid-19-related SOPs. Together, we can put our economy on track for a speedy and sustainable recovery.