GEORGE TOWN, May 31 — As the “Silicon Valley of the East” with business friendly policies and a robust electric and electronic (E&E) ecosystem, Penang is ready to anticipate more high-impact investments from China in the years to come, says Chief Minister Chow Kon Yeow.
He said China’s approved investment in Penang as of 2023 had amounted to an astonishing RM1,799.6 million, with the presence of more than 50 Chinese multinational corporations (MNCs) across the state.
He said this had the potential of providing almost 2,000 job opportunities to the people of Penang.
“In tandem with missions stated in the National Industrial Master Plan 2030 (NIMP 2030) and National Energy Transition Roadmap (NETR), China has the potential to assist in the nation's agenda of resetting industrialisation and attracting high quality investments.
“China’s ‘X-factor’ may be potent in the field of manufacturing including E&E and Semiconductor (IC Design and Wafer Fabrication), digital technology investments such as big data analytics, Artificial intelligence and robotics,” he said during a reception in celebration of the 50th Anniversary of the Establishment of Diplomatic Relations between China and Malaysia here, tonight.
Touching on tourism, Chow noted that China was ranked top five within the tourist arrival chart in Penang with a total of 37,711 Chinese tourists recorded through Penang International Airport (PIA) while 10,864 recorded through the Swettenham Pier Cruise Terminal here.
He said availability of direct flights from Penang to China including China Southern Airlines (Guangzhou), Xiamen Airlines (Xiamen), Cathay Pacific and Airasia (Hong Kong), had eased the connectivity between two countries.
Meanwhile, China’s consul-general in Penang, Zhou Youbin said China had full confidence and expectation on Penang to strengthen cooperation with China’s provinces and municipalities.
“Projects such as the Penang Second Bridge, Teluk Bahang Dam and the expansion of the Mengkuang Dam are the successful examples of pragmatic cooperation between China and Malaysia at the subnational level,” he said.
Zhou concluded that since its establishment in 2015, the Chinese Consulate General in Penang had always been committed to deepening local exchanges and cooperation between China and Malaysia, besides striving to provide a source of driving force for the development of China-Malaysia relations.
China is Malaysia’s largest trading partner and a major foreign direct investment (FDI) source. In 2023, China was among the five largest sources of foreign investment into Malaysia with a total investment worth US$3.15 billion (RM14.8 billion). — Bernama
