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Penang is confident in remaining as a choice destination for investors

The Penang government is confident that the state will continue to hold potential as the destination of choice for high quality and high value investors.

This is based on Penang’s strong track record in terms of policies and investment facilities.

Chief Minister, Chow Kon Yeow said that Penang recorded manufacturing investments from January to September 2020 that had been approved and amounted to RM10.6 billion.

“… with the amount of foreign direct investment (FDI) of RM8.8 billion or 83%, placing Penang as the second highest FDI contributor in the country, while RM1.8 billion or 17% is through domestic direct investment (DDI),” he said.

Chow explained that according to the Malaysian Investment Development Authority (MIDA), Penang had successfully recorded 108 projects in the manufacturing sector from January to September 2020. This is estimated to create 9,137 new jobs.

He added that this would at least be good news especially to those who have been affected by the Covid-19 pandemic.

At the same time, he said that the state government will also focus on its agenda to produce highly-skilled human capital to increase the marketability of Penangites.

This step is in line with Penang’s 2030 Vision: A Family-Focused Green and Smart State that Inspires the Nation.

“Based on this focus, the state government introduced financial assistance for education by granting scholarships through the Penang Future Foundation (PFF).”

“Since 2015, PFF has financed 585 eligible students to pursue higher education in science, technology, engineering, mathematics, accounting, and finance involving  an allocation of RM32.8 million.”

“At the same time, as many as 11,000 secondary school students in the state also benefited from Penang’s Small State Scholarship (BKN) programme since 2008 involving an expenditure of RM23.39 million,” Chow said.

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