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The electronics ecosystem and supply chain comprising both MNCs and large local companies (LLCs) have solidified George Town's position as a major destination for foreign direct investment (FDI) and Malaysia's top exporter. [168] [131] In 2021, Penang captured RM74.4 billion in inbound FDI, with the Bayan Lepas FIZ contributing over 95%.
The Malaysian Investment Development Authority (Malay: Lembaga Pembangunan Pelaburan Malaysia), abbreviated MIDA, previously known as Malaysian Industrial Development Authority is the government's principal agency to oversee and drive investment into the manufacturing and services sectors in Malaysia.
The economy of Penang is classified as a high-income economy and is the fifth largest in Malaysia by gross domestic product (GDP). In 2023, Penang contributed 7.6% of Malaysia’s GDP. The state had a GDP per capita of RM72,586 (US$15,918), the third highest in the country after Kuala Lumpur and Labuan , surpassing the World Bank ’s threshold ...
The Southeast Asian country has an extensive track record of hosting high-tech manufacturing, including Intel's first offshore site in Penang, which opened in 1972. Malaysia also was an early ...
NCER), commonly referred to as the Northern Corridor, is a development plan encompassing the four northwestern states of Malaysia, namely Perlis, Penang, Kedah and Perak. It was launched in 2007 by the federal government with an aim to transform the region into a sustainable and socio-economically balanced region by 2025.
The Greater Penang Conurbation, also known as the George Town Conurbation, [1] [2] is the urban area within and surrounding the Malaysian state of Penang, including parts of neighbouring Kedah and Perak. It is the second largest conurbation in Malaysia, with a population of over 2.84 million as of 2020.
The Bayan Lepas FIZ lies next to the Penang International Airport, allowing for ease of exports.This elevated George Town as the top exporter among Malaysian cities.In addition, the FIZ is also connected to the city centre, the Penang Bridge and the Second Penang Bridge via the Tun Dr Lim Chong Eu Expressway and the pan-island Malaysia Federal Route 6.
The following table is the list of the GDP of Malaysian states released by the Department of Statistics Malaysia. [7] [8]Data for 2023 estimates (US$ 1 = MYR 4.56 at 2023 average market exchange rate, [9] international $ (I$) using 2023 PPP conversion factor from World Bank (I$ 1 = MYR1.43) [10])