Total investment For Penang Now Ranked #3 In Malaysia’s 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
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
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.