Malaysia’s Penang state secures $552.45m FDI from US
Chief minister Chow Kon Yeow says sum accounted for more than 80% of US’s manufacturing investments in Malaysia
BAYAN LEPAS, Malaysia (MNTV) – Penang has attracted 2.6 billion Malaysian ringgit ($552.45 million) in approved foreign direct investments (FDIs) from the US manufacturing sector for the first half of this year, reports Free Malaysia Today.
Speaking at an event organised by the American Malaysian Chamber of Commerce (Amcham), chief minister Chow Kon Yeow said the sum accounted for more than 80% of the US’s manufacturing investments in Malaysia.
Stressing that Penang’s partnership with the US is “built on trust and mutual benefit”, he said the 120 American firms operating in the state have had a tremendous impact on the people. “Not only do they provide jobs for Malaysians, they also contribute in terms of technology, innovation and community development.”
Chow also said Penang contributed 79% of Malaysia’s total electric and electronic exports to the US between January and August, valued at 76 billion Malaysian ringgit ($17.984 billion).
Penang had weathered global crises, adapted to new technologies and built one of the region’s most vibrant industrial ecosystems over the last five decades, he added.
Separately, Chow hoped that both Malaysia and the US will come up with a “win-win solution” from upcoming tariff talks.
Malaysia will hold discussions with US secretary of commerce Howard Lutnick regarding sectoral tariffs that will be imposed by the US on specific sectors, such as semiconductors.
Investment, trade and industry minister Zafrul Aziz said sectoral tariffs, including those on semiconductors and other sectors, have not yet been discussed or finalised.
Zafrul said the tariff on semiconductors is currently still at 0%, as is the case for several other sectors. Sectors currently subject to tariffs are those dealing in automotives, iron, steel and furniture.
Chow said Malaysia has done its best to convince the US that “we are its friend, that the multinational firms based here in Penang are part of the US supply chain and that Malaysia will be investing in the US.”
“Let’s hope this will convince the US to come up with a win-win solution from the negotiations.
“After all, we complement the US … we’re not its adversary.”
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