[Press Release] Penang’s 2021 Approved Manufacturing Investments Hit All-Time High of RM76.2 Billion

By InvestPenang – March 9, 2022

A version of this article was first published on InvestPenang

Penang, March 9, 2022 – Penang’s approved manufacturing investments hit a record high of RM76.2 billion in 2021, surged 440% year-on-year, driven mainly by the existing investors’ reinvestments into the State. Penang’s 2021 record significantly outpaced the past performances, exceeded the cumulative investments garnered from 2012 to 2020 (RM73.1 billion). According to the data from the Malaysian Investment Development Authority (MIDA), Penang’s investment inflows in 2021 involved 111 projects.

Overall, Penang’s RM76.2 billion approved manufacturing investment in 2021 accounted for 39% of the country’s total, topped the nation’s contribution list. In particular, foreign direct investments (FDI) contributed 98% of Penang’s approved manufacturing investments or RM74.4 billion (year-on-year: +606%), making Penang the highest manufacturing FDI recipient in Malaysia, capturing 41% of the country’s said total FDI during the period. Notable 2021 FDI in Penang included projects from Intel Electronics and Ibiden Electronics, while the projects from domestic direct investments (DDI) included Greatech Integration, among others.

The Chief Minister of Penang, Right Honorable Mr. Chow Kon Yeow said: “The COVID-19 pandemic did not put Penang’s industry on the backburner. Instead, we continue to excel in our key promoted sectors, namely Electrical & Electronics, Machinery & Equipment, Medical Technology and other advanced areas. I am confident of Penang’s robust industry ecosystem and strong talent pool, enabling the companies to achieve supply chain resiliency and operational advantage. This is especially critical to cushion the impacts brought by the global supply chain disruptions and reconfigurations. In addition, these investments are expected to generate tremendous supply chain localization opportunities, which bodes well for the homegrown companies, further cementing Penang’s penetration into the global value chain.”

“The Penang State government would like to express our deepest appreciation to all the investors who have instilled confidence in the State. I wish to also convey the State’s appreciation to MIDA and InvestPenang for their strong collaboration in securing and facilitating these investments. Through InvestPenang, the State government look forward to strengthening the partnership with the Federal government in attracting more high-quality investments into the State,” Chow stressed.

Given the extensive investments from global top-notch companies in Penang that span numerous functionality and high-tech disciplines, the Chief Minister also urged talent with various expertise to explore the job opportunities in the State. “Penang is known as one of the most livable places in the country, underpinned by its well-balanced work-live-play lifestyle and great emphasis on initiatives that gear towards building a Green and Smart State. We welcome all talent to come to Penang and build your career here,” he added.

Celebrating the 50th anniversary of Penang’s industrialisation this year, Chow said that the tagline, “50 Years of Excellence and BEYOND”, aptly spells out the State’s determination to craft policies that stress on the way forward. “Forging ahead with all our stakeholders, we envisage to propel Penang to a high-income economy, driven by digitalization, sustained excellence and innovation,” Chow concluded.

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About InvestPenang

InvestPenang is the Penang State Government’s principal agency for promotion of investment. Its objectives are to develop and sustain Penang’s economy by enhancing and continuously supporting business activities in the State through foreign and local investments, including spawning viable new growth centres. To realize its objectives, InvestPenang also runs initiatives like the SMART Penang Centre (aiding SMEs), Penang CAT Centre (for talent attraction and retention) and i4.0 seed fund (a catalyst for the start-up ecosystem). For more information, please visit https://investpenang.gov.my/.

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