00:00 Indeed, investment in our manufacturing sector is something that we monitor very closely.
00:23 Looking back at the previous two or three years, I think we have achieved tremendous
00:30 results.
00:34 For instance, in 2021, we attracted 76.1 billion ringgit in investment, mostly foreign direct
00:46 investment, and it had been a record-breaking year.
00:56 In 2022, we also achieved about 13 billion in investment.
01:03 So all these figures are actually above the average that we are looking at.
01:11 But we are not about to chase after an impressive figure.
01:18 What we are interested in is to attract high-value investment, which can create high-value jobs.
01:26 And also in line with what we are promoting in the state, we have just celebrated our
01:34 50 years of industrialisation.
01:37 I think it is about time that Penang moves up the value chain, and we focus on attracting
01:45 high-value investment in the technology sector.
01:50 We are still the semiconductor hub, and we are also moving into medical tech, global
02:01 business outsourcing, and these are the areas that we are very interested in.
02:09 So we hope that this year, if we can pull in about 10 billion ringgit investment, it
02:19 would be considered a good year because of probably the softening of the market generally.
02:28 So as I say, we are not chasing after impressive numbers, but more importantly, chasing the
02:37 right type of investment into the state.
02:39 MedTech should be promoted, and we think we will become the MedTech hub of Asia because
02:51 we have already a cluster here, a cluster of medical devices companies.
03:00 They are at the moment about three or four MedTech hubs in the world.
03:07 Ireland, Costa Rica, and another one.
03:17 But in Asia-Pacific, I think Malaysia, Penang is attracting attention as the MedTech hub
03:25 of Asia, but in Penang we have now a cluster of MedTech companies coming here, and success
03:36 breeds more success.
03:37 I think if we have an ecosystem that can attract more medical tech companies here, then we
03:46 would grow as we have grown as a semiconductor hub.
03:50 So that would be another sector that we can strengthen, deep-root it, so that it will
04:01 continue to attract related MedTech players to come and invest.
04:06 So that is how our semiconductor grows, because we are able to attract more vendors, more
04:14 suppliers to come, to be nearer to their customers in Asia-Pacific, to support their principal
04:25 companies.
04:26 As one company comes to invest, they may bring along a few vendors to be nearer to supply
04:35 to the principal company.
04:38 That is how the ecosystem grows.
04:41 What other high value industries?
04:46 What other?
04:47 Of course it is related to digital transformation.
04:53 This morning I was at Prye to officiate one company that is involved in production of
05:06 servers, IoT, it runs into billions.
05:16 So all these high value sectors that we hope to attract.
05:22 Thank you.
05:23 Thank you.
05:23 Thank you.
05:28 [BLANK_AUDIO]
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