Penang: Penang recorded approved manufacturing investments worth RM17.3 billion in 2024, strengthening its position as Malaysia’s leading technology investment and innovation hub, said Chief Minister Chow Kon Yeow. This development highlights the state’s commitment to fostering economic growth and job creation.

According to BERNAMA News Agency, the investments comprised 182 projects, resulting in the creation of approximately 16,254 job opportunities last year. This investment surge has contributed to a strengthening labour market in Penang, with the latest data from the Labour Force Survey for the fourth quarter of 2024 indicating an unemployment rate of 2.2 percent. Additionally, Penang recorded a labour force participation rate of 73.2 percent, reflecting growing optimism and encouraging job seekers.

Chow emphasized Penang’s enhanced reputation as a hub for international trade, particularly in the rapidly growing electronics and semiconductor sectors. These sectors are instrumental in driving the state’s economic progress and attracting further investments.

In celebration of Labour Day, Chow reiterated the state government’s commitment to championing workers’ rights and welfare. He highlighted ongoing efforts to implement inclusive policies, skills training programmes, and the creation of high-value job opportunities. The state aims to prioritize the development of digital, green, and smart technology sectors to ensure workers remain relevant and competitive in the evolving job market.

Chow also called on employers to maintain harmonious and fair relationships with their employees, noting that an organization’s long-term success relies not only on profits but also on the well-being and happiness of its workforce.