PENANG: Penang has become one of Malaysia’s top investment destinations with a total of RM71.9 billion of investments approved in 2023.

Chief Minister Chow Kon Yeow said it was a sharp increase compared to RM16.3 billion in 2022.

“Despite facing challenges in the global economy, this is a significant achievement,” said Chow in his Malaysia Day speech.

Foreign direct investments contributed RM61.7 billion, or 85.5 per cent of total investments, he said.

Penang has also maintained as a major export hub for the country, reflecting investors confidence in Penang.

Chow attributed the achievement to Penangites’ trust in the state government. He hoped such trust and support would continue to grow in every family in the state.

“Tolerance and harmony among people of all ethnic groups in the country have lent a strong support for the nation to develop and become stronger.

“At the same time, a clear and investor-friendly policy and a competitive economic policy have been drafted for the region,” he added.

While celebrating Malaysia Day, Chow hopes everyone will work with a firm and united spirit towards charting a better future and create a sustainable environment.