Politics · Malaysia Bureau
Penang targets record manufacturing investments as approvals hit RM17.3b
The northern state has secured RM17.3 billion in manufacturing investments during the first half of 2024, putting it on track to exceed last year's RM22.4 billion total.
LSN Malaysia ·
GEORGE TOWN, Sept 3 — Penang is positioning itself to achieve record-breaking manufacturing investments this year, buoyed by strong performance in the first half of 2024.
The state has already secured RM17.3 billion in approved manufacturing investments through June, representing substantial progress towards surpassing last year's full-year total of RM22.4 billion. The robust figures underscore the northern state's continued appeal as a manufacturing hub in Malaysia's competitive investment landscape.
State officials attributed the strong inflow to favourable business conditions, strategic infrastructure investments, and Penang's established position as a centre for electronics and semiconductor production. The state's success in attracting manufacturing projects reflects wider economic momentum in the region and growing investor confidence in Malaysia's industrial sector.
With six months of the year remaining, state authorities have expressed confidence that Penang will achieve or exceed its annual investment targets, further consolidating its reputation among multinational manufacturers seeking production bases in Southeast Asia.
The investment figures underscore Penang's role as a critical contributor to Malaysia's manufacturing output and employment generation, with the sector supporting thousands of direct and indirect jobs across the state.