GEORGE TOWN, March 9 — Penang’s industrial performance continues to excel despite being clouded by challenges from the Covid-19 pandemic, with approved manufacturing investments hitting a record high of RM76.2 billion in 2021, compared with RM14.11 billion in 2020.

In a statement, Chief Minister Chow Kon Yeow said Penang’s 2021 record exceeded past performances significantly with notable projects from Intel Electronics and Ibiden Electronics; and surpassed the cumulative investments from 2012 to 2020 (RM73.1 billion).

"Penang’s RM76.2 billion worth of approved manufacturing investment in 2021 involves 111 projects.

"Foreign direct investments (FDI) contributed RM74.4 billion or 98 per cent of Penang’s approved manufacturing investments, making Penang the highest manufacturing FDI recipient in Malaysia,” he said.

Chow said despite the Covid-19 pandemic, Penang had continued to excel in its key promoted sectors, namely electrical and electronics, machinery and equipment, medical technology and other advanced areas.

The chief minister said Penang’s robust industry ecosystem and strong talent pool have enabled companies to achieve supply chain resiliency and operational advantage, which is especially critical to cushion the impacts brought by the global supply chain disruptions and reconfigurations.

In addition, he said these investments are expected to generate tremendous supply chain localisation opportunities, which bodes well for the homegrown companies, further cementing Penang’s penetration into the global value chain. — Bernama