USD4.3 Billion Business Investment Leads Projected Through Penang State Government’s Participation At World Expo 2020 Dubai

The Penang State Government has kicked-off the Penang Week at the Malaysia Pavilion in Expo 2020 Dubai.  Taking place from 16th to 23rd January 2022 at the pavilion, Penang Week aims to not only position Penang as a preferred investment location to the world, but also to showcase the best of Penang in multiple areas and sectors especially in the field of business, economy, tourism and culture.

His Excellency Tun Dato’ Seri Utama Ahmad Fuzi Bin Haji Abdul Razak, Head of State of Penang has graced the occasion today and officiated the launch of the Penang Week, as a mark of Penang’s participation in the world expo.

A total of 8 agencies, namely the State Economic Development Division (BPEN), Penang Development Corporation (PDC), InvestPenang, the investment promotion agency of the Penang State Government; Penang Global Tourism; Penang Port, Penang Halal International, Penang International Islamic technology College (KITAB), Federal Agricultural Marketing Authority (FAMA) as well as 11 local companies from are participating in this Expo 2020 Dubai, showcasing the extensiveness of the Penang’s investment and business ecosystem to the world.

Penang has much to offer as the Silicon Valley of the East. Penang generated US$74 billion (RM310 billion) of export and US$26 billion (RM110 billion) of trade surplus in 2020, representing 32% and 60% of Malaysia’s total and in terms of manufacturing investment, Penang has clocked in its second highest record of all time of US$3 billion (RM14 billion) in 2020. This is after achieving an all-time high of US$4 billion (RM17 billion) in 2019, respectively, punching well above its weight.

According to His Honourable Dato’ Hj Abdul Halim Bin Hj Hussain, Exco of Trade, Industry and Development who is also the Head of Penang State Delegation for World EXPO 2020 Dubai, “The year 2022 is indeed a significant year for Penang as it marks the Golden Jubilee of Industrialisation in Penang. Immersed in 50 years of manufacturing excellence, the State has undergone successful transformation and has curated a year-long series of events celebrating a phenomenal milestone”.

To mark the start of Penang week, the State Government through its related agencies signed a total of 4 Memorandum of Understanding (MoUs) worth USD4.3 billion (RM18 billion) investments.  Amongst the MoU’s include the signing by Penang Development Corporation (PDC) with Penang International Islamic College of Technology (KITAB), Titijaya Land Berhad, Jadem Ganjaran and iHeal Health Sdn Bhd. Further MoUs will be announced throughout the Penang Week to signify the State’s capabilities as a destination of choice for investors.

Lastly, various programmes including product demonstrations, traditional and cultural performances, business matching sessions and talks/forums have been lined up during the week to showcase Penang’s capabilities to the world.

Penang encourages the international business community at Dubai EXPO to join the programmes and explore collaborative opportunities.

The Penang Week is part of the 26 weekly thematic trade and business programmes organised by the Malaysia Pavilion for Expo 2020 Dubai. Malaysia’s participation in the world expo is spearheaded by the Ministry of Science, Technology and Innovation (MOSTI) with the Malaysian Green Technology and Climate Change Corporation as implementing agency.

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