Penang powers economic surge with billions in investments

Penang has solidified its status as an economic powerhouse, securing RM31.38 billion in investments in 2024, Chief Minister Chow Kon Yeow announced.

This milestone, paired with over 6,600 new jobs, underscores Penang’s role as a hub for high-tech industries and innovation.

The state’s collaboration with the Northern Corridor Economic Region (NCER) further amplified success, yielding RM42.8 billion in investments and nearly 9,000 jobs last year.

Penang’s achievements reflect a strategic push towards sustainable growth.

With programmes like the NCER Technology Innovation Centre (NTIC) and NCER Entrepreneur Sustainable Transformation (NEST), the state is fostering an ecosystem that empowers businesses and talent, ensuring long-term prosperity.

Penang’s investment triumph unveiled

Chow revealed these figures at the Strategic Collaboration Ceremony for NTIC and NEST, held at Komtar on 15 April.

He credited partnerships with the Malaysian Investment Development Authority (MIDA) and NCER for driving Penang’s economic surge.

The new jobs span high-tech manufacturing, advanced services, and modern agriculture, aligning with global demands.

The NTIC programme, a cornerstone of Penang’s strategy, supported 24 small and medium enterprises (SMEs) in 2024.

It focused on product improvement, digitalisation, and research and development, yielding eight cross-border projects and nine local intellectual properties. Additionally, it trained 358 talents to meet industry needs.

“NTIC’s focus on research, design, and commercialisation builds a sustainable ecosystem,” Chow said.

He noted its role in generating RM26.8 billion in investments and over 900 jobs last year.

The programme also strengthens Penang’s semiconductor sector through Advanced Packaging technology, vital for AI, 5G, and electric vehicles.

The upcoming NTIC operations centre in Bayan Lepas will serve as a collaborative hub for SMEs, multinationals, and academia.

It will feature initiatives like the Centre of Excellence, Advanced Technology Meister Programme, and Technology & Innovation, enhancing Penang’s industrial landscape.

Building a sustainable future in Penang

The NEST programme also shone, guiding 80 Penang companies to achieve RM197 million in cumulative sales by March 2024, up RM8.8 million from pre-programme figures.

It created 356 jobs, boosting the micro, small, and medium enterprise market in the northern region.

Penang’s economic strategy leverages its position within the NCER, established in 2008 to drive socioeconomic development across Kedah, Penang, Perak, and Perlis.

The region’s focus on innovation and entrepreneurship has made Penang a magnet for investors seeking growth opportunities.

The state’s emphasis on high-tech sectors, particularly semiconductors, positions it to meet global demand.

Advanced Packaging technology, championed by NTIC, enhances Penang’s role in the electronics value chain, ensuring competitiveness.

Penang’s SME ecosystem thrives under these initiatives.

Mohamad Haris Kader Sultan, NCER Implementation Authority chief executive, affirmed NCER’s commitment.

“We aim to keep Penang a leading investment destination and regional tech hub,” he said.

The momentum continues, with RM13.3 billion in investments and 3,000 jobs already secured in Q1 2025.

By fostering digitalisation and R&D, NTIC and NEST empower local businesses to scale, innovate, and compete globally, securing Penang’s economic edge.

Penang’s 2024 triumphs set a strong foundation for 2025. With billions in investments and thousands of jobs already realised, the state remains a beacon of opportunity.

Chow and Haris’s leadership signals a commitment to sustained growth and innovation.

As Penang advances, its focus on technology and sustainability will shape a prosperous future.

Businesses and communities alike stand to benefit from this dynamic ecosystem, cementing the state’s place as a global investment leader.