US stays the top Investor in Penang

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GEORGE TOWN, Feb 28 (Bernama) -- The United States (US) remains the top investor for Penang with RM7.9 billion in investments last year.

Chief Minister Lim Guan Eng said Penang had recorded Foreign Direct Investments (FDIs) totalling RM10.5 billion in 2010.

"We are proud of the American presence here as 75 per cent of the state's FDI is from the United States," he told reporters after the courtesy call on him by the United States Ambassador to Malaysia, Paul W. Jones, at his office at the Kompleks Tun Abdul Razak (KOMTAR) on Monday.

He said among the top two foreign investment companies from the US in Penang are leading data storage maker, Western Digital Corp and electronic solutions firm, Jabil.

"Penang had the highest total capital investments in manufacturing projects in Malaysia last year at RM12.2 billion with Western Digital Corp contributing about RM4.3 billion while Jabil had RM2.3 billion," he added.

He added that from the early 80s until 2010, the state had attracted about RM26.4 billion in US investments.

Based on figures from the Malaysian Industrial Development Authority (MIDA), Penang's RM12.2 billion in total capital investments in 2010 was a 465 per cent increase from 2009.

Jones said he is proud of the partnership between Penang and the US.

"We are proud that American businessman are still continuing to invest in Penang significantly and also in terms of health and education," he added.

Last year, Malaysia's electronic and electrical sector attracted the highest US investments of RM10.2 billion, followed by the machinery and equipment sector at RM496 million while that for scientific and measuring equipment attracted RM61.7 million.

-- BERNAMA