Penang recorded approved manufacturing investment inflows of RM13.3 billion in the first nine months of 2019.
Chief Minister Chow Kon Yeow stated that the total investment approved was RM 1.3 billion of national investment and RM12 billion of total FDI.
He said that the investment reported had not only exceeded the RM10 billion over the entire year target but also set new records for the country's highest authorized production expenditure since 2009.
"According to the latest announcement from the Malaysian Investment Development Authority (MIDA), this is a 247% rise over the previous year and has exceeded the total annual figure of RM5.8 billion in 2018," he said in a press conference.
At the top 3 FDI contributions, the USA, Singapore and the UK made significant investments in Penang, including Micron Technology projects, Jabil Circuit and Smith+Nephew," he added.
He also announced that the estimated FDI on 9M2019 was a 445% increase in 2014, which accounted for 30,6% of Malaysia's total FDI growth.
Meanwhile, InvestPenang chief executive officer Datuk Loo Lee Lian said it was evident that Penang had benefited from the US-China trade war.
She said that Penang remained attractive to foreign investors for diversifying their geographically based manufacturing base and supply chain, despite the growing world macro-economic uncertainties.
"We have however also stressed investments and ventures (e.g. digital devices, electrical goods and engineering and measurement equipment) on performance (manufacturing)," she said.
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