Penang Is The No.1 State For Total Capital Investments In 2010

Penang Is The No.1 State For Total Capital Investments In 2010 Attracting RM 12,238

Written by Administrator II
Wednesday, 19 January 2011 12:29

Press Conference Statement By Penang Chief Minister In Komtar, George Town On 19.1.2011

Penang Is The No.1 State For Total Capital Investments In 2010 Attracting RM 12,238 Million, Up Nearly 5 Times As Compared To RM 2,165 Million In 2009 And Comprising 26% Of Malaysia’s Total Investments Of RM47,177 Million For 2010.

According to Malaysian Industrial Development Authority (MIDA), Penang is the No.1 state for total capital investments in manufacturing projects in 2010 attracting RM 12,238 million, up nearly 5 times as compared to RM 2,165 million in 2009. This is the first time in history that Penang has topped the list of investments amongst all states and is the highest investment received ever. This success is due to the hard work by the 1.6 million Penangites together with state government leaders and agencies as well as federal government agencies from MIDA and the Ministry of International Trade and Industry.

Penang’s investments were derived from new investments of RM 2,846 million and expansion by existing investors of RM 9,392 million. Clearly these figures only captured those industries that sought incentives from MIDA and not the new or expansion investments that did not require grants from the federal government.

The significance of this historic achievement is highlighted by Penang contribution of RM 12,238 million to Malaysia investment constituting 26% of Malaysia’s total investments of RM 47,177 million of 2010. Yesterday Minister of international trade and industry Datuk Seri Mustapa Mohamed announced a 45% increase in Malaysia 2010 investment performance from RM 32,637 million in 2009 to RM 47,177 million in 2010. Penang moved up from No. 4 in 2009 to Nol 1 in 2010, increasing by 465% from RM 2,165 million in 2009 to RM 12,238 million in 2010.(see attached).

The 465% increase in investments in Penang reflects confidence in the energy, expertise and entrepreneurship of our human talent. Further this is an affirmation of the state government’s strategy of promoting Penang as a location of choice based on 7 critical success factors(CSF) of growth:-

1. Ready availability of skilled human talent;

2. Effective and efficient supply chain management;

3. Competent and reliable logistics and communications hub

4. Strong Intellectual Property protection;

5. Good governance and effective leadership;

6. Building creativity and innovation in science and technology; and

7. Livable and intelligent city.

Penang believes that CAT governance of competency accountability and transparency has also built confidence that a government with integrity can make things happen and both execute and deliver. Penang was not only the best performer in managing state finances in Malaysia according to the Auditor-General Report for 2009 but also received accolades for anti-corruption from Transparency International.

As the newly-crowned champion amongst all states in attracting investments, the Penang state government wishes to congratulate the people of Penang. With the best financial performance, the best state in clean governance, the best green practices and now the top performer in investments, Penangites can now proudly say “Penang Leads!”.

LIM GUAN ENG

pginvestment

For other details please visit http://www.visitpenang.gov.my/portal3/penang-tourism-news/1283-penang-is-the-no1-state-for-total-capital-investments-in-2010-attracting-rm-12238-million.html

For your information, the following was the report by StarBiz 8 Oct 2010 and MIDA

Penang has attracted some RM2.25 billion in investments in the first seven months of the year, making third largest state manufacturing investments in Malaysia, after Selangor and Johor.

Approved investments in Selangor and Johor for the same period amounted to RM3.8billion and RM2.7 billion respectively.

Based on the data collated by the Malaysian Investment Development Authority (MIDA), the approved investments in Penang for the first seven months had exceeded the total approved investments in the state for the whole of last year of RM2.17 billion, Penang Chief Minister, Lim Guan Eng said.

For the first six months of the year, Penang attracted investments of RM1.53 billion, which means that in the month of July, the approved investments in the state's manufacturing sector jumped close to 50% or RM716 million over the total for the first half year, he said.

The total investments in Malaysia's manufacturing sector for the first seven months of the year totalled RM16.5 billion in 545 projects, of which RM9.5 billion came from foreign investors while the balance RM7 billion came from domestic sources.

Even though the investment trend has been encouraging, Penang is still half-way from the state's investment target of RM4.2 billion, he added.

Adapted from StarBiz 8 Oct 2010 and MIDA:

(source: http://www.mida.gov.my/en_v2/index.php?mact=News,cntnt01,detail,0&cntnt01articleid=982&cntnt01origid=107&cntnt01returnid=107)

For the first 6 months in 2010, total capital investment was RM1.53 billion, by July it was RM2.25 billion, Penang is still half-way from the state's investment target of RM4.2 billion. But the final year end result was RM 12.238 billion, exceeding the target. The total capital investment for 2009 was RM2.165 billion. It exceeded the previous year 2009 by 465% and the investment target by 191.38%.

The state performance for 2010 was exceeded target, a grade A result. Good performance by the state government for 2010. Penang state government passed the KPI with flying color. The performance figure will silence the critic of state government.

Syabas...Pulau Pinang; Congratulation Penang.

Related articles:
1. Higher approved manufacturing investments in 2010 ; http://www.mida.gov.my/en_v2/index.php?mact=News,cntnt01,detail,0&cntnt01articleid=1087&cntnt01origid=107&cntnt01returnid=107
2. Penang may miss investment goals without Mida aid, by By Yow Hong Chieh, http://www.themalaysianinsider.com/business/article/penang-may-miss-investment-goals-without-mida-aid/