Chief Minister Lim Guan Eng said five companies had pledged to take up 4.2 acres at the “Gold and Jewellery Cluster” at the Batu Kawan Industrial Park. It will be completed by end-2018.

He said Penang’s gold and jewellery production accounted for about 85%, or RM6.1 billion, of the country’s exported precious metal jewellery.

The country exported RM7.2 billion worth of such items last year.

Lim said they were exported to more than 20 countries – Japan, United States, Germany, United Arab Emirates, Canada, Hong Kong, Thailand, Philippines and Singapore among others.

He said investments from the five companies would create an estimated 730 jobs that would include high-value professional gold and craftsman jobs.

This was in addition to the 8,000 skilled workers in the industry currently in Penang.

“We hope the venture will strengthen Penang’s position as a major gold finishing hub, create higher-value jobs, and income opportunities for the craftsmen and downstream stakeholders in this industry,” Lim said at a press conference in Komtar today.

The five companies are G2 Gold (M) Sdn Bhd, Jin Huo Gold and Jewellery Industries (M) Sdn Bhd, TC Success Jewellery Sdn Bhd, TC Jewellery Sdn Bhd and LKT Luck Sdn Bhd. They are members of the Penang Goldsmith Association.

Established in 1832, the association is one of the oldest trade and industry associations in Penang and has more than 400 companies as members.

Present at today’s press conference was association adviser and immediate past chairman George Lo Siew Cheong.