Penang received RM10.2bil in investments last year that helped create 22,215 jobs, contrary to certain quarters who cast doubts on Penang’s ability to attract foreign investments, said Chief Minister Lim Guan Eng.
He said International Trade and Industry (MITI) Minister Tan Sri Muhyiddin Yassin had confirmed this in a written reply to his oral question in Parliament on Mar 16.
According to Muhyiddin, total investments approved by MITI and the Malaysia Industrial Development Authority (Mida) in the industrial and services-related industrial sector for 2007 was RM59.9bil with RM33,4bil or 55.8% being direct foreign investments (FDI) and RM26.5bil or 44.2% being domestic investments, he said.
“Total investments approved in the same sectors increased by 4.8% to RM62.8bil, of which RM46.1bil or 73.4% were FDI and RM16.7bil or 26.6% were domestic investments,” he said at a private investment briefing for fund managers on Thursday.
The press statement on the briefing was released on Friday.
Lim said total approved capital investments for 2007 and 2008 had exceeded the investment target of RM27.5bil under the Industrial Master Plan 3.
He added that Muhyiddin also quoted the World Investments Report 2008 published by the United Nations Conference on Trade and Development on Jan 19 which reported a 53.4% increase in FDI inflow for Malaysia to RM46.4bil in 2008 compared with RM30.3bil in 2007.
“The report showed that Malaysia’s inflow of FDI was the highest in the region compared to Singapore, Thailand and Indonesia.”
Lim said the approved manufacturing projects in Penang for 2008 included 84 new projects with 9,832 in potential jobs and total capital investment worth RM3.4mil and 67 expansion projects with 12,383 in potential jobs and total investment capital worth RM10.1mil.
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