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According to Chief Minister Chow Kon Yeow, Penang has capped off 2024 with a series of remarkable achievements, including securing RM31.38 billion in investments and creating over 6,600 job opportunities in high-value sectors such as advanced manufacturing, modern agriculture, and advanced services.
Record Investments and Job Creation
The investments, a testament to Penang’s growing economic appeal, will bolster the state’s position as a leader in high-value manufacturing and innovation-driven industries.
“Penang continues to attract substantial investments that not only strengthen our industrial ecosystem but also create thousands of high-value job opportunities,” Chow said during the Public Service Members Assembly held at Dewan Seri Pinang.
Notable Achievements in 2024
- Economic Contributions: Penang secured RM31.38 billion in investments, reinforcing its position as a key contributor to Malaysia’s industrial output and export revenue.
- Social Development: The state achieved a 99.15% compliance rate for Employees Provident Fund (EPF) contributions, ranking third nationwide, which reflects the strength of its labor market and employer accountability.
- Medical Tourism Hub: Penang solidified its status as Southeast Asia’s leading destination for medical tourism, leveraging its world-class healthcare services.
12th Malaysia Plan Projects
Under the 12th Malaysia Plan (12MP), Penang has made significant progress:
- 306 Projects Approved: Of these, 246 are new initiatives under the 4th Rolling Plan (RP4), and 60 are continuation projects, totaling RM28.4 billion in value.
- Budget Utilization: RM1.35 billion was allocated for 2024, of which RM1.11 billion (81.76%) was successfully utilized.
- 5th Rolling Plan (RP5): The Ministry of Economy is considering ten priority projects, including road construction, coastal erosion prevention, and health clinic development.
Role in ASEAN Chairmanship 2025
As Malaysia assumes the ASEAN Chairmanship on January 1, 2025, Penang will be pivotal in hosting key regional programs.
“Penang will be at the forefront of ASEAN initiatives, hosting major meetings, cultural events, and economic programs that align with Malaysia’s vision of inclusivity and sustainability,” Chow emphasized.
A Vision for Growth and Sustainability
Penang’s strategic efforts reflect its commitment to economic resilience and sustainable development, positioning itself as a critical driver of Malaysia’s national and regional ambitions.
“With the support of our Federal partners, Penang aims to advance essential projects and maintain its leadership in driving economic growth and regional collaboration,” Chow concluded.
As the “Pearl of the Orient,” Penang will shine brighter in 2025. It will champion initiatives aligning with ASEAN’s inclusivity and sustainability goals while solidifying its role as a hub of innovation, culture, and economic progress.
Read also: Malaysia’s 2025 Budget