New investments in the sector amounted to RM13.7 billion in 2022, down 80.5% from the RM76.2 billion recorded in 2021, according to the latest data from the Malaysian Investment Development Authority (Mida).

New foreign direct investments (FDIs) for the year amounted to RM9.7 billion, accounting for 71% of the total. Domestic direct investments (DDIs) accounted for the remaining RM4 billion.

Among the foreign investors were electronics firm TF AMD and medical equipment manufacturer Boston Scientific while industrial automation company Greatech Integration and appliances, electrical and electronics manufacturer Inari Technology were among the local investors.

Mida said the new investments were for 135 projects that are expected to generate 15,752 new jobs in the state.

Penang accounted for 16% of the approved investments in the manufacturing sector, the second highest among the states.

Most of the new investments were in the electronics and electrical segment, followed by machinery and equipment as well as scientific and measuring equipment.

Cumulatively, investments into these sectors accounted for 85% of Penang’s total approved investments in the manufacturing sector in 2022, which is equivalent to 27% of Malaysia’s investments in these three sectors.

Chief minister Chow Kon Yeow said Penang’s resilient economic performance underscored investors’ sustained confidence in the state.

“This sets the stage for its development to greater heights,” he said.

Chow added that the state government continued to welcome strategic investments to extend its position as a hub for advanced technology.