GEORGE TOWN, March 19 – Penang Chief Minister Chow Kon Yeow announced that the Northern Corridor Implementation Authority (NCIA) played a pivotal role in facilitating investments totaling RM13.67 billion for Penang in the previous year. These investments contributed to the creation of over 14,000 job opportunities in 2023, constituting a significant portion of Penang’s total investments of RM71.9 billion for the same period. Chow Kon Yeow highlighted that a substantial portion of these investments, amounting to RM61.7 billion or 85.81%, came from foreign direct investments (FDI) in the manufacturing sector, underscoring foreign investors’ confidence in Penang’s potential.
Chow Kon Yeow expressed gratitude to NCIA for its role in attracting investments to Penang and urged the agency to continue enhancing Penang’s appeal to investors, particularly in sectors like technology development and skilled talent. He emphasized the significance of initiatives like the NCER Technology Innovation Centre (NTIC) in fostering research, design, innovation, and commercialization activities. The completion of the NTIC building in Bayan Lepas by the third quarter of this year is expected to further bolster the development of Penang’s innovation and technology ecosystem, facilitating collaborations between local SMEs, multinational companies, and high-tech investors to drive economic growth and job creation in the region.
