GEORGE TOWN – Penang recorded RM71.9 billion in investment inflows in 2023 – the highest in Malaysia, driven by foreign direct investments, which accounted for RM61.7 billion, or 85.8% of Penang’s manufacturing investment inflows.
Chief Minister Chow Kon Yeow said this was the result of the state’s transparent, investor-friendly and competitive economic policies.
“The figure underscores international investors’ confidence in the state’s potential and the attractive opportunities offered across the board,” he said in a statement today.
He said through collaboration with the federal government and the Northern Corridor Implementation Authority (NCIA), the state successfully facilitated investments worth RM13.67 billion, thereby creating over 14,000 job opportunities last year.
Meanwhile, Chow who is also finance, economic development, land and communications executive councillor said the Northern Corridor Economic Region’s (NCER) Technology Innovation Centre (NTIC) building in Bayan Lepas was expected to be completed in the third quarter of this year.
He said the NTIC would be the main platform to attract technology-related investments to NCER via collaborations between local small and medium enterprises, multinational companies and academics.
The centre focuses on activities related to research, design, technology, innovation and commercialisation. – March 15, 2024