GEORGE TOWN, Dec 3 — Penang recorded approved manufacturing investment inflows of RM13.3 billion in the first nine months of 2019 (9M2019).

Chief Minister Chow Kon Yeow said the total investment approved tallied with RM1.3 billion worth of domestic investment as well as a total foreign direct investment (FDI) of RM12 billion.

He said the recorded investment had not only surpassed the full-year target of RM10 billion but also set a new record for the highest approved manufacturing investment in the state since 2009.

"Based on the Malaysian Investment Development Authority (Mida)’s latest announcement, this is an increase of 247 per cent year-on-year and has surpassed 2018’s full year amount of RM5.8 billion,” he told a press conference, here.

He also said the recorded FDI for 9M2019 was an increase of 445 per cent year-on-year, representing 30.6 per cent of Malaysia’s total manufacturing FDI.

"The top three FDI contributions were from United States, Singapore and United Kingdom with remarkable investments in Penang including projects from Micron Technology, Jabil Circuit and Smith+Nephew,” he added.

Meanwhile, InvestPenang chief executive officer Datuk Loo Lee Lian said it was evident that Penang had benefited from the US-China trade war.

Despite the rising global macro-economic uncertainties, she said Penang remained attractive for foreign investors to diversify their manufacturing geographical footprint and supply chain base.

"However, we still stressed on quality (manufacturing) investments and projects (such as the Electronics and Electrical Products and Scientific and Measuring Equipment),” she added. — Bernama