InvestPenang
Investment promotion agency in the Malaysian state of Penang
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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]
Penang state governmentBayan Lepas, George Town, Penang, Malaysia
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 | |
|---|---|
| Formed | 5 November 2004 |
| Type | State-owned investment promotion agency |
| Jurisdiction | Penang state government |
| Headquarters | 1, Jalan Sultan Azlan Shah, Penang Skills Development Centre Building, Bayan Lepas, George Town, Penang, Malaysia |
| Agency executive |
|
| Website | investpenang |
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]