Penang Development Corporation Director, Datuk Lee Kah Choon, recently held a seminar in Frankfurt with a group of potential German corporate investors and interest groups which included the German-Malaysian Association, the German-Asia Business Circle and the German Electronics and Electrical Association. Because o
Penang Development Corporation Director, Datuk Lee Kah Choon, recently held a seminar in Frankfurt with a group of potential German corporate investors and interest groups which included the German-Malaysian Association, the German-Asia Business Circle and the German Electronics and Electrical Association.
Because of Penang's unassailable position as an electronic and electric (E & E) manufacturing base, the island offered companies manufacturing products with strong E & E content the advantage of well-developed infrastructure.
Some of the industries that benefits from Penang's well-developed E & E infrastructure are aerospace, solar energy, and medical devices.
B Braun is expanding its plant in Bayan Lepas Industry Park in Southern Penang, the largest outside Germany, and has earmarked an investment of about $554 million between 2010 and 2015.
Lee said Germany was among the top investment source for Penang and foreign companies setting up base here need to take their existing operations to the next level by setting up regional offices on the island.
"Penang is a matured economy and investors look for a viable site … capital and hi-tech intensive industries involving a high-level of automation will particularly find Penang attractive. The E & E based industries would also find it conducive because of the large E & E industrial base," he said.
Penang, which contributes over 7% of Malaysia's Gross Domestic Product, is also keen to attract medical tourism which has grown by an average 20% in recent years.
The island accounts for some two-thirds of Malaysia's medical tourism foreign earnings.