GEORGE TOWN, January 3 — Penang continues to shine as an investment magnet, reporting an impressive RM34.6 billion in manufacturing investments in the third quarter of 2023, marking a substantial 421% YoY surge. Foreign Direct Investments (FDI) took the lead, contributing RM33.0 billion or 95% of the manufacturing inflow, while Domestic Direct Investments (DDI) made up the remaining RM1.6 billion.
Penang’s stellar performance extends to being the top contributor to Malaysia’s manufacturing FDI, securing a 42% share with a total of RM35.8 billion in approved FDI inflows during January to September 2023, reflecting a significant YoY growth of 634%. Despite a modest decline in DDI, recording RM3.1 billion (YoY: -15%), Penang maintained its leading position, contributing 39% to Malaysia’s approved manufacturing investments at a cumulative total of RM38.9 billion for the first three quarters of 2023. The investments, encompassing 107 projects, are poised to generate 11,121 new job opportunities in the state.
Key industries, including Electrical & Electronics, Machinery & Equipment, and Fabricated Metal Products, played a pivotal role, collectively accounting for 98% of Penang’s approved manufacturing investments, highlighting the state’s significance in the global supply chain for these sectors. Penang’s Chief Minister, Mr. Chow Kon Yeow, expressed gratitude to investors for their confidence and recognized the collaborative efforts of MIDA and InvestPenang in attracting strategic investments to the state.
