GEORGE TOWN: Penang Chief Minister Chow Kon Yeow expressed optimism about the future of investments from the People’s Republic of China in the state.
Chow said he is confident that China will solidify its position as a partner and friend to Malaysia, given the Consulate-General of China’s active engagement with the northern region states.
“I am looking forward to more Chinese-funded enterprises and investments in Peninsular Malaysia’s northern states, with the assistance of the Consulate-General in Penang,” he said during a Chinese New Year reception hosted by the Consulate-General of China at the Chinese Town Hall on Tuesday.
The chief minister said from January to June last year, the approved manufacturing investments from China reached RM411.8 million.
“To date, Penang houses 53 Chinese companies. From that number, 46 are in manufacturing, five in global business services, and two in logistics,” he said.
Chow added the focus remains on the manufacturing and electrical and electronics (E&E) sectors to maintain bilateral ties and explore new avenues, especially now that Penang is moving forward as a silicon research and incubation hub.
He also discussed Malaysia’s role as Asean chair this year, stating that there is a responsibility to reshape Asean and emphasise its principle of centrality.
He mentioned that as a member state, the country is committed to contributing through collaborations, cross-cultural exchanges, and intensifying economic activities.
Meanwhile, Consul-General of China in Penang Zhou Youbin highlighted the deepening ties and strong economic cooperation between Malaysia and China.
“In 2024, China-Malaysia bilateral trade reached a record US$212.031 billion (RM942.19 billion).
“China’s investment in Malaysia surged to RM10.8 billion from January to September 2024, making it the second-largest foreign investor in Malaysia,” he said.
He added that these investments included the northern states, particularly Penang.
Zhou also mentioned the completion of several noteworthy Chinese investment projects, such as the Penang 275kV Cross-Sea Transmission Line Project, and the development of the 24.5MW Hydropower Project in Perak.
The consul-general noted the importance of tourism growth, pointing out that the number of Chinese tourists visiting Malaysia has risen significantly, surpassing pre-pandemic levels.
“According to Tourism Malaysia, the number of Chinese tourists visiting Malaysia in 2024 has exceeded three million, which is 2.3 times more than in 2023, and has surpassed the number for 2019, the year before the epidemic,” he said.
Zhou also highlighted the ongoing exchanges between Chinese and Malaysian governments, citing cultural events such as performances by the China Railway Art Troupe and the Hong Kong Chinese Orchestra.
“These exchanges play an integral role in strengthening cultural and people-to-people ties between China and Malaysia,” he said.
Both leaders expressed hopes for a prosperous and fruitful year, with continued growth in China-Malaysia relations.
