KUALA LUMPUR, Nov 10 — Penang Chief
Minister Lim Guan Eng said the state is on track to achieve its targeted RM6.1
billion in investments for this year, with emphasis on higher-paying jobs.
Up to August, Penang has attracted RM4.8
billion in investments, placing Penang at No. 4 among the states in the
country. Of this total, RM3.7 billion was foreign direct investments (FDI).
“Diversifying from the existing manufacturing
base will also be given importance to lessen the state’s reliance on any one
sector.
“Companies in Penang, especially the SMEs, are
encouraged to leverage on their existing capabilities and skill sets to explore
and to break into other targeted sectors like medical devices, aerospace or
avionics and photovoltaic industries,” said Lim at the Invest Penang board
meeting today.
Lim, who is also Invest Penang chairman, said
the Penang economy, which sees 50 per cent from the manufacturing sector,
should shift towards greater contribution from the services sector, driven by
contributions from the shared services and outsourcing (SSO) as well as
tourism, particularly health and education tourism sectors.
The Bagan MP said the promotion of
knowledge-based services was necessary to reduce dependency on manufacturing.
These include encouraging existing multinational companies as well as new
investors to set up SSO centres, regional headquarters, regional distribution
centres and international procurement centres in Penang.
“Knowledge-intensive activities will be high
on the priority list for promotion.”
He also said that knowledge-intensive
activities will generate higher-paying jobs.
Lim said Penang aims to be both the “sweatshop
and smartshop” of the manufacturing and services sector.
Melissa Chi
Business & Investment Opportunities
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