GEORGE TOWN: Some 50 small and medium enterprises (SMEs) from China are seeking opportunities to expand their businesses in Penang following the influx of over RM400mil into the state.
Malaysia Extra Low Voltage Association (Melvian) assistant secretary Cheah Chaw Son said that the Chinese companies want to explore opportunities in home furnishings, bio pharmaceuticals, technologies, advertising services, and eCommerces with local partners.
Melvian is an industry body that comprises companies providing ICT, audio and visual, security, and data network infrastructure solutions.
The SMEs from China are set to take part in a business matching session on Oct 22 at G Hotel to find suitable local business partners, that is being organised by Melvian
“In the first half of 2024, Penang attracted RM411.8mil in investment from China. For the past decade, Penang roped in RM13.2bil investments from China that formed 6.8% of Penang’s total foreign investments, with a 50.5% compounded annual growth rate.
“The influx of these funds into Penang attracted the companies’ attention. The Silicon Island development and the upcoming light rail transit project connecting Komtar and Bayan Lepas on the island also enhanced the state’s competitive edge as a pivotal investment hub,” he added.
Cheah is confident that Malaysia’s projected gross domestic product (GDP) growth for 2024 and 2025 will continue spur investors’ interest in the state due to the country’s robust economic health.
“The Socio-Economic Research Centre has projected that Malaysia would close the year with 5.4% GDP growth, sustaining at healthy clip of 5% in 2025,” Cheah said.
The companies would take part in a business matching session on Oct 22 at G Hotel to find suitable local business partners.
Tan Sri Tengku Razaleigh Hamzah will officiate the event jointly organised by Melvian, Small and Medium Enterprises Association, Meta Ex, and Honor Innovation Sdn Bhd.
“The event is also to commemorate 50 years of Malaysia-China Diplomatic Relations,” he said.–THE STAR
