Malaysia’s Penang records RM2.9b in investments for 1Q

GEORGE TOWN: Penang recorded investments of RM2.9 billion for the first quarter of the year.

Chief Minister Lim Guan Eng said the figure showed an encouraging rising trend after the state registered an increase in investment of 102% at RM8.2 billion for the whole of last year in contrast to the RM3.9 billion in 2013.

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“The figure for the first quarter is encouraging and we hope it continues the trend,” he told a media conference here the other day.

Lim said for the first quarter, Penang was second in terms of total investments after Johor.

Last year, Penang finished in third spot behind Johor and Sarawak in terms of total investments in the country.

According to Lim, the electrical and electronics sector remained the main contributor to investments in the state.

Citing the Malaysian Investment Development Authority (Mida), the United States was the largest investor in Penang for the first three months, followed by China, the Netherlands, Singapore and Germany.