The Northern Corridor Implementation Authority (NCIA) through the cooperation of the Malaysian Investment Development Board (MIDA) has successfully realised RM31.38 billion in investment in Penang in the first six months of 2024.
The Chief Executive of NCIA, Mohamad Haris Kader Sultan said the encouraging amount of investment was evidence of investors’ confidence in the long-term prospects offered by the Northern Corridor Economic Region (NCER) and Penang in particular.
“Investments are noted to include the focus sectors in the NCER Strategic Development Plan such as the High Value Manufacturing Sector, Advanced Services and Modern Agriculture which in turn create more than 6,600 job opportunities in the period in question.
“This good performance will be a catalyst for NCER to continue to drive investment and business ecosystem development for the second half of this year by taking advantage of NCER’s regional advantages, particularly in the electrical & electronic (E&E) and semiconductor sectors,” he said.
Present at a press conference in Komtar was Penang Chief Minister YAB Chow Kon Yeow.
Mohamad Haris said the NCER Technology Innovation Center (NTIC) building developed in Bayan Lepas has been completed and will be operational soon.
He said this will directly boost innovation, research and development (R&D) activities as well as increase the value chain for small and medium enterprises (SMEs), which will further strengthen Penang’s position as a technology and innovation hub in the region.
“During the first half of 2024, a total of 16 Penang local SME companies have been facilitated through matching grants to improve the value chain under the NTIC program through the Center of Excellence (CoE) and Technology and Innovation (T&I) initiatives.
“A total of 144 local workers have been approved to undergo technical skills training under the Advanced Technology Meister Programme (ATMP) initiative,” he explained.
NTIC is a programme under NCER’s “Technology Valley” initiative that focuses on activities related to research, product development and specialised design.
The programme also acts as a platform for large local companies (LLCs), multinational companies (MNCs), start-ups, individual technocrats and young entrepreneurs to carry out technological and high-value-added activities at NCER and subsequently generate their own Intellectual Property (IP).
