InvestPenang

Last updated
InvestPenang
Penang Skills Development Centre office.jpg
Headquarters at Bayan Lepas in George Town, Penang. The office is further deep inside the Penang Skills Development Centre Building at first floor (Level 2) of Block 3.
Agency overview
Formed5 November 2004;21 years ago (2004-11-05)
Type State-owned investment promotion agency
Jurisdiction Coat of arms of Penang.svg Penang state government
Headquarters1, Jalan Sultan Azlan Shah, Penang Skills Development Centre Building,
Bayan Lepas, George Town, Penang, Malaysia
Agency executive
  • Loo Lee Lian, CEO
Website investpenang.gov.my

InvestPenang is the principal investment promotion agency in the Malaysian state of Penang. Incorporated in 2004 as a subsidiary of the state-owned Penang Development Corporation (PDC), InvestPenang is tasked with supporting businesses in the state through the promotion of inbound investments. [1] [2] It is currently owned by Penang's State Secretary Incorporated (SSI), an investment arm of the Penang state government. [3]

Contents

Functions

As the primary investment promotion agency of the Penang state government, InvestPenang jointly manages investor liaison within Penang with the Malaysian Investment Development Authority (MIDA), the federal agency responsible for driving investments into Malaysia. [4] [5] While MIDA and the federal Ministry of Finance oversee fiscal incentives, InvestPenang provides assistance with incorporation processes, serving as an intermediary between the private sector and relevant government bodies. [2] [6]

In collaboration with the PDC, InvestPenang promotes industrial development within Penang through information, complementary policies, fostering business linkages, and supporting small and medium enterprises (SMEs). [5] [7] [8] It maintains a database of local SMEs and actively engages multinational companies to build supply chains with the SMEs. [9] It also administers land for business use and supports the private sector with due diligence. [5] Additionally, InvestPenang's scope extends into the services sector, encompassing areas such as education, medical tourism and hospitality. [7]

See also

References

  1. ↑ "About InvestPenang". InvestPenang. 2024-01-24. Retrieved 2025-03-21.
  2. 1 2 Michelmann, Hans (2009). Foreign Relations in Federal Countries. McGill–Queen's University Press. ISBN   9780773576186.
  3. ↑ Gomez, Edmund; Fisal, Fikri; Padmanabhan, Thirshalar; Tajuddin, Juwairiah (18 Aug 2018). "Government in Businesses: Diverse Forms of Intervention" (PDF). Institute for Democracy and Economic Affairs .
  4. ↑ Hutchinson, Francis; Saravanamuttu, Jayaratnam (2012). Catching the Wind: Penang in a Rising Asia. ISEAS – Yusof Ishak Institute. ISBN   9789814379878.
  5. 1 2 3 OECD Investment Policy Reviews: Viet Nam 2018. OECD. 2018. ISBN   9789264282957.
  6. ↑ Doris Liew (May 2024). "Investment Facilitation: A One-Stop Mechanism Needed to Assist Investors in Penang and Malaysia" (PDF). Penang Institute.
  7. 1 2 Ooi, Kee Beng; Goh, Ban Lee (2010). Pilot Studies for a New Penang. ISEAS – Yusof Ishak Institute. p. 123. ISBN   9789814279697.
  8. ↑ OECD Investment Policy Reviews: Malaysia 2013. OECD. 2013. ISBN   9789264194588.
  9. ↑ OECD Reviews of Innovation Policy: Malaysia 2016. OECD. 2016. ISBN   9789264255340.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.