Sunday May 25, 2008 MYT 5:35:04 PM

US hi-tech firm to invest millions in Penang

By NG SU-ANN

GEORGE TOWN: An American high-tech company will announce its multimillion-dollar investment in Penang next week, said Chief Minister Lim Guan Eng.

He said that he would leave it to the new investor to reveal the details of its investment plan, adding that more foreign investments were expected to come to the state later.

"I hope the inflow of foreign investors to Penang will attract local investors including small and medium industries to the state," he told newsmen after opening Human Rights Training Programme on Sunday.

He described the assurance by Second Finance Minister Tan Sri Nor Mohamed Yakcop that the second Penang bridge project would proceed as a boost for Penang to attract more investors.

"We have to try catch on the wave before the global economic slowdown which is expected to hit us at the end of the year.

"It’s like one should catch all the fish when the tide is coming in and not receding," he added.

On May 22, Lim announced Japan-based printed circuit board maker Ibiden Co Ltd’s investment amounting to RM1.2bil.

Ibiden is investing the amount for the first phase of its new printed wiring board (PWB) plant at Penang Science Park. The facility, on an 18ha plot, would be developed in two phases.