PENANG, 15 APRIL 2025 — Penang has confirmed its status as Malaysia’s premier investment and technology innovation hub, with RM42.76 billion worth of realised investments and the creation of nearly 9,000 employment opportunities registered during 2024.
The phenomenal success is the result of intense collaboration among the Penang State Government, the Northern Corridor Economic Region (NCER), and the Malaysian Investment Development Authority (MIDA). The momentum continues into 2025, as RM13.3 billion of investments and 3,000 new employment vacancies were recorded in the first quarter alone.
The news went public today at the Strategic Partnership Ceremony for Advancement of NCER Technology Innovation Centre (NTIC) and NCER Entrepreneur Sustainable Transformation programme, held in KOMTAR.
The ceremony was officiated by Penang Chief Minister YAB Tuan Chow Kon Yeow and NCIA Chief Executive Mohamad Haris Kader Sultan,
In his address, the Chief Minister reaffirmed the state’s pledge towards NCER projects aligned with the Penang2030 Vision and the MADANI Economy programme.
“NTIC and NEST are essential in the development of a sustainable innovation and entrepreneurship economy for Penang. In 2024, NTIC supported RM26.8 billion worth of investments and created over 900 job opportunities, while NEST raised cumulative annual sales of local enterprises by RM197 million,” he said.
Meanwhile, NCIA Chief Executive Mohamad Haris Kader Sultan unveiled the NTIC’s role as an industrial growth driver. Located in Bayan Lepas, the centre has three pillars: the Centre of Excellence (CoE), the Advanced Technology Meister Programme (ATMP), and Technology & Innovation (T&I). It is designed as an SME collaboration platform, multinational company, and institutions of higher education.
On the entrepreneurship front, the NEST programme continues to yield positive results, having assisted 80 local businesses in revenue generation and the development of new job opportunities for 356 people. Brand development, technology usage, and improved financial handling are the areas of interest of the programme.
“NCER is committed to collaboration with all parties to position Penang as a desirable investment hub and technology innovation regional hub,” Mohamad Haris said.
With such successes and further strategic efforts, Penang is marching on to be a model of sustainable economic development and a high-technology industry leader, in line with NCER’s Strategic Development Plan.
