Penang among top investment destinations for foreign investors: Mustapa

Penang remains one of the top investment destinations in the country for foreign investors, especially in the electrical and electronics (E&E) and medical devices industries.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed said this is because of its history, established infrastructure and strong industry ecosystem.

In a statement, he said from 2011-September 2014, the Malaysian Investment Development Authority (Mida) Penang had facilitated more than 200 visits from foreign companies to the state.

"Mida has held numerous workshops and briefings on the Domestic Investment Strategic Fund to industry associations and companies in Penang since it was introduced in July 2012," he added.

Come Oct 17 and Nov 13, Mida, Mustapa said, will be hosting a Services Sector Investment Seminar in Penang and also be participating in an SMEs conference, respectively.

"Mida has invited INVEST Penang to be a speaker at the Services Conference. In addition, we are also planning to host a SEMICON Conference early next year, the first time ever in Malaysia, in Penang," he added.

Mustapa said this in response to remarks by Penang Chief Minister Lim Guan Eng that the Federal government and Mida had stopped introducing investors to the state over the past year.

He also described Lim as being Lim irresponsible in making such a remark.

According to Mustapa, the government and Mida had been promoting Malaysia as an investment destination for the last 47 years and had never discriminated bringing investments or granting any incentives based on state’s preference.

The decision to invest, among other factors, he said, is determined by the companies’ evaluation of the site location.