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Total Investment For Penang Now Ranked #3 In Malaysia

With RM 2.25 Billion An Increase Of RM 717 Million Or Nearly 50% In A Month Compared To 2010 First Half Of RM1.5 Billion

Press Statement by Lim Guan Eng, Chief Minister of Penang at Komtar, George Town on 7th October 2010:

 

Penang's total investment for Penang has surged from RM 1.53 billion for the first six months of the year to RM RM2.25 billion as at July 2010. In other words for the month of July alone, there was an increase of RM 716 million of investment or an increase of nearly 50% in one month as compared to the total investments for the first six months of the year. Penang's performance for the first 7 months until July 2010 of RM 2.25 billion is higher than the RM2.17 billion achieved for the whole of 2009.

This is based on Malaysian Industrial Development Authority's(MIDA) website today at www.mida.gov.my Based on the latest MIDA Statistics for proposed capital investments in Malaysia, Penang has been successful in securing RM 2.25 Billion for the period of January till July 2010. Of this amount, RM738 million was secured from domestic investments while RM1.51 Billion of foreign investments were secured.

 

Projects Approved by State, Jan-July 2010 and 2009

Ringgit Malaysia - RM

State

Jan - July 2010

No

Domestic Investment
(RM)

Foreign Investment
(RM)

Total Proposed Capital Investment
(RM)

Selangor

197

2,276,365,159

1,605,964,954

3,882,330,113

Johor

108

1,579,291,594

1,150,605,064

2,729,896,658

Pulau Pinang

73

738,059,784

1,508,460,830

2,246,520,614

Kedah

30

275,736,923

1,585,065,421

1,860,772,344

Sarawak

27

244,440,933

1,377,843,146

1,622,284,079

Perak

27

737,034,069

873,334,784

1,610,368,853

Sabah

20

402,959,968

408,189,715

811,149,683

Melaka

21

144,461,413

601,542,319

746,003,732

Negeri Sembilan

23

207,347,168

309,360,236

516,707,404

Terengganu

4

268,298,680

-

268,298,680

Kelantan

5

87,331,000

82,224,000

169,555,000

Pahang

6

26,731,756

52,375,425

79,107,181

W.P.- Kuala Lumpur

3

32,172,606

-

32,172,606

W.P.- Labuan

1

14,866,935

-

14,866,935

TOTAL

545

7,035,097,988

9,554,935,894

16,590,033,882

 With this latest investment figure, Penang is now ranked #3 behind Johor and Selangor in terms of Malaysia’s proposed capital investments. This compares to Penang's position as at June 2010 when Penang was ranked No. 5 at RM 1.53 billion. The state government records our appreciation to relevant state agencies such as InvestPenang, Penang Development Corporation, both the local councils and Federal agencies such as MIDA that have played a role in ensuring that Penang remains competitive.

Investors continue to make Penang their choice of location for investment due to 7 key factors:

 

1.        Ready availability of skilled human talent

2.      Effective and efficient supply chain management

3.      Competent and reliable logistics and communications hub

4.      Strong Intellectual Property Protection

5.      Good Governance and effective government leadership

6.      Building creativity and innovation in science and technology

7.      Livable and intelligent city

 

Despite this encouraging improvement, Penang is still half way from this year's target of RM 4.2 billion. The state government will gain motivation from this latest performance to redouble our efforts to achieve our target of RM4.2 billion for 2010 which is double last year's investment figures of RM 2.1 billion.

 

LIM GUAN ENG 

 

Source: Teng Kok Liang, Political Secretary to MP for Bukit Bendera
396A Tingkat 1, Wayton Court, Jalan Burma, 10350 Pulau Pinang, Malaysia.