PENANG EYES RM5B IN FDI THIS YEAR
Bulk of investments to continue to come from E&E sector, says CM
PENANG is targeting RM5 billion in foreign direct investments (FDIs) this year despite the softening industrial sector.
The state recorded RM5.8 billion in total investment last year and a record RM10.8 billion in 2017.
Penang attracted a total of RM58 billion in FDIs over the last 10 years.
Chief Minister Chow Kon Yeow said he expected the bulk of the investments this year to continue to come from the electrical and electronics (E&E) sector.
“Bear in mind that the E&E sector has its own up and down cycles. There are cycles where we will record good investment figures like in 2017 and there are cycles where
we will see a drop.
“For this year, we will intensify efforts to reach our RM5 billion target by ensuring Penang remains a destination of choice for investors, both foreign and domestic,” he said when announcing the appointment of the Penang Strategic Investment Advisory Council members at his office, here, yesterday.
The council is established to support investPenang ’s role of attracting high quality investments to the state.
Chow said the state also recorded a more than 80 per cent implementation rate from the investment figures announced by the Malaysian Investment Development Authority (Mida).
“For us, the implementation is important. There are differences between approved and realised.
“We are satisfied that we have achieved a more than 80 per cent implementation rate of investments approved by Mida,” he added.
Meanwhile, investPenang chief executive officer Datuk Loo Lee Lian said the state was in talks with several investors, especially those in the E&E and medical sectors.