GEORGE TOWN: Penang, one of the country’s key manufacturing hubs, is expected to see a spike in investments into the state’s manufacturing sector in the second half of next year, following a year of consolidation this year.
Special investment adviser to the Chief Minister of Penang Datuk Seri Lee Kah Choon said the total manufacturing investment approved in Penang amounted to RM14.1 billion and RM16.9 billion in 2019 and 2020 respectively.
“After two years of outstanding investment performances in a row, which include 2019’s all time-high achievement, 2021 is deemed a consolidation year for the manufacturing industry, which is consistent with Penang’s investment historical trend.
“Penang’s target for manufacturing investments in 2021 is RM5 billion despite the ongoing COVID-19 pandemic,” he said in an online media briefing on the state’s investment outlook.
He said there would be pent-up demand in investment once the COVID-19 pandemic became more manageable, boosted by the roll-out in new technologies such as 5G, artificial intelligence and automation.
He added that when the situation improves and borders are at least partially open, the investment community is expected to be busy.
During the first quarter (Q1) this year, he said Penang recorded a total of RM1.1 billion in approved manufacturing investment.
Lee said of the total value in Q1, RM567 million or 52 per cent of the total manufacturing investments approved is derived from domestic direct investment and the remaining RM516 million (48 per cent) from foreign direct investment.
The top three manufacturing industries for the approved investment in Penang in Q1 were fabricated metal products (RM433 million), machinery and equipment (RM226 million) and electrical and electronics (RM163 million). - Bernama
Source: The Sun Daily
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