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31, 2021 Penang Records RM14.1B Investment Inflows in 2020

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31, 2021 Penang Records RM14.1B Investment Inflows in 2020 March1 6– 31, 2021 Penang records RM14.1b investment inflows in 2020 Story by Christopher Tan ESPITE Covid-19 wreak- ing havoc on global Deconomies, Penang has somehow bucked the trend by recording RM14.1 billion in total approved manufacturing invest- ments for the year 2020. Chief Minister Chow Kon Yeow said foreign direct invest- ments (FDI) accounted for 75% of approved manufacturing in- vestments or RM10.55 billion (YoY: -30%) in 2020. “This made Penang the third highest manufacturing FDI recip- ient in Malaysia, accounting for 19% of the country’s total FDI. “Meanwhile, domestic direct investments (DDI) in Penang jumped 92% year-on-year to RM3.56 billion. It is a testament to the state’s robust industrial ecosystem where local play- Courtesy of Mida ers can participate and thrive,” Chow said in a statement on March 3. ties in Penang,” he said. investment performance de- “We will continue to uphold ments,” he said. Chow said that according to Chow added that Penang’s spite the global economic un- the state’s competitive edge in Chow expressed his deepest the Malaysian Industrial Develop- DDI increased 198% year-on-year certainties. advanced manufacturing, to fur- appreciation to the investors for ment Authority (Mida), Penang’s to RM1.8 billion in 4Q20, repre- “Our versatile ecosystem and ther strengthen Penang’s indus- their confidence in Penang. RM3.5 billion investment inflows senting 51% of the state’s manu- strong fundamentals have the try clusters and to embark on a “We want to thank Mida for in the fourth quarter of 2020 facturing investment inflows. capacity and capability to sup- massive drive to attract talents the conducive and fruitful col- (4Q20) involved 58 projects. The remaining 49% or RM1.7 port the needs of the industries’ into the state. All these are key laboration with InvestPenang in “We expect all the projects ap- billion in 4Q20 came from FDI. next-generation technologies, efforts to ensure that Penang attracting strategic investments proved in the year 2020 to gen- “We are happy to have products, and long-term growth remains as a preferred desti- into the state,” he added. erate 13,268 new job opportuni- achieved such a commendable strategies. nation for high-quality invest- *See also P2 2 NEWS March16 – 31, 2021 BULETIN MUTIARA MPRESSIVE achievement. That was the feedback I from various quarters to the announcement that Pen- ang recorded RM14.1 billion in Top marks for state total approved manufacturing investments for the year 2020. vestment (ROI) but the whole we will continue to work hard importance and if our leaders “We currently see tremen- Buletin Mutiara managed package, including sustainabil- to anchor Penang’s position can plan and cater for this, the dous strength in the Penang in- to interview a few business ity issues on the environment, as a destination of choice for support politically will follow. dustry, especially in high-tech stakeholders for their views social and governance. high-quality investments.” “This is a sound strategy manufacturing. on the matter. Below are their “The high investment figures that the state government is “Our company has had re- comments. also will definitely attract more pursuing under the leadership cord sales in the past three skilled workers to Penang and of Chief Minister Chow Kon Ye- months, and over this period provide business opportunities ow since coming to power. we have hired 20% additional to local small and medium- “I truly hope that this long- staff. sized enterprises (SMEs).” term strategy continues so “We see many industrial that the future of Penang and projects transferred by our the country will be bright for my customers from overseas to children, the people and future Penang. We even have enqui- generations.” ries from companies in China and Taiwan seeking how to set up business in Penang. “Thus, we believe the Pen- ang government is doing a great job to attract foreign in- Datuk Finn Choong, vestment, and to make sure Penang Chinese Chamber foreign companies feel com- Datuk Jimmy Ong, of Commerce (PCCC) vice- fortable in Penang. Federation of Malaysian president: “Just one look at the growth Manufacturers (FMM) “Firstly, congratulations and of the Batu Kawan Industrial Penang chairman: Datuk Loo Lee Lian, a job well done to the state Park which shows the success “On behalf of FMM Pen- InvestPenang chief government for the remarkable of Chief Minister Chow Kon Ye- ang, I wish to congratulate the executive officer: achievement in these trying ow and his team.” Penang government for this “The commendable per- times. achievement despite the very formance amid the sluggish “The ecosystem of the world Marcel Wismer, Kemikon CM, Yeoh get uncertain economic situation. broader global economy reiter- is very fluid and everyone, in- chief executive officer: It shows that Penang is still an ates Penang’s robust industry cluding Penang and our coun- “I would like to commend the updates from attractive location for foreign ecosystem and captivating as- try, will have to be in tune and Penang government for their direct investments (FDIs) and pects for both domestic and react and more importantly continuous efforts to attain Hotel Equatorial domestic direct investments foreign investors to thrive. plan for these changes. such achievements in terms THE top management of the Hotel (DDIs). “The InvestPenang team is “As the saying goes ‘change of investment performance de- Equatorial Penang updated Chief “In today’s competitive en- fully committed to consistent- is the only constant’. I person- spite the global economic un- Minister Chow Kon Yeow and state vironment, investors are not ly providing the best possible ally believe that the livelihood certainties due to the Covid-19 Tourism and Creative Economy only looking at return on in- service to our investors. And of the people is of the upmost pandemic. Committee (PETACE) chairman Yeoh Soon Hin on the closure of the hotel during an online meeting on March 2. State govt launches Penang Green Agenda 2030 They thanked the state govern- THE Penang government, through Smart State that Inspires the Na- Taskforce, the new dedicated ience of issues per se and today, ment and state tourism office for giv- the Penang Green Council (PGC), tion’,” Chow said in his speech dur- Disaster Management Unit, the its launching and adoption in the ing them solid support since the five- launched the Penang Green Agen- ing an online launch at the Penang preparation of Green Tourism con- coming future,” she said. star hotel was established in 1971. da (PGA) 2030 on Feb 27. Digital Library 2 (PDL 2) in Jalan cept and so on. Tan said apart from PGA It was recently reported that the Chief Minister Chow Kon Yeow, Masjid Negeri. “This makes PGA the ultimate 2030, PGC is also introducing the hotel in Bukit Jambul would be shut who is also PGC chairman, said Among those present were document for reference when we Climate Change Impact on Pen- down by March. PGA is a framework and roadmap state Welfare and Environment talk about a greener Penang. ang Report which outlines some Chow expressed hope that the for Penang to move forward as a Committee chairman Phee Boon “And these 10 reports are now analyses and assessments of owners of Hotel Equatorial Penang state powered by green economy Poh, state Transport and Infra- completed, approved and fully en- global warming on Penang. would make a return when the Co- by 2030. structure Committee chairman dorsed by the Penang state govern- After the launch, there was an vid-19 situation improves. “PGA started in 2017 and it Zairil Khir Johari and PGC general ment,” he said. online forum discussing the envi- “It’s an iconic hotel in Penang and took over three years to complete. manager Josephine Tan Mei Ling. Chow said the state government ronmental issues and the newly- has contributed a good 30 years to It is aimed at implementing strate- According to Chow, 10 working welcomes everyone to access the launched Penang Green Agenda the growth of the state. I wish them gies to build a future-proof commu- groups from various backgrounds PGA document at the PGC website 2030. all the best and hope that when the nity in Penang to meet and adapt such as the public service, civil so- (https://pgc.com.my/2020/) to Among the panellists were conditions permit, they will come to forthcoming environmental chal- ciety, academia, professional bod- understand the issues and chal- Phee, Zairil, PGA 2030 project back,” Chow said. lenges by 2030. ies and businesses were invited lenges highlighted. manager cum moderator for the Also present at the meeting were “The green agenda focuses on during the three-year span to give Meanwhile, Tan said to ensure forum Dr Ng Shin Wei, electronic Hotel Equatorial chairman Lim Kong 10 key areas which have been ideas and to share their profes- PGA is comprehensive enough for engineer and book writer cum Yong, chief executive officer Donald identified and highlighted by the sional expertise in 10 different fo- Penang, it went through three main PGA working group member Rexy Lim, general manager Alan Ong, people as being important issues cus areas throughout the process. stages. Prakash Chacko and Think City’s senior event manager Doris Ong now and in time to come. “Some of the suggestions “The three main stages are Lead for the Environmental Resil- and Carolyne Ang, chief commercial “It is a crucial component of the have already been adopted, for in- identifying environmental issues ience Community of Practice cum officer Charles Lim, sales director Penang2030 vision which is to re- stance, the forming of the Renew- Penang needs to overcome, de- PGA working group member Sofia Michelle Koay and sales assistant alise ‘A Family-Focused Green and able Energy and Energy Efficiency veloping a roadmap towards resil- Castelo.
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