Govt should consider tax incentives for reinvestment: Penang CM

28 Jun 2019 / 19:29 H.

GEORGE TOWN: The Penang state government today urged the federal government to continue granting tax incentives to investors looking at reinvesting in the country to ensure new jobs creation, among others.

Penang Chief Minister Chow Kon Yeow said such a move would also give Malaysia a competitive edge over other countries in the region, thus making the country an investors’ favourite destination for reinvestment.

He said that at a press conference after the opening of the AVX Manufacturing (Malaysia) Sdn Bhd at Bayan Lepas Free Industrial Zone, here today.

Earlier in his speech, Chow said Penang was now hosting the AVX’s largest flagship multi-layer ceramic manufacturing factory in the world.

“AVX which started its operations in Penang in 1998 has chosen to deepen its roots in the state with a RM600 million investment by adding a new facility.

“With this expansion, AVX will double its headcount in Penang to 2,000 over the next two years. I am also pleased to learn that AVX collaborates with local universities to offer employment opportunities for graduates and provides in-house and overseas training to its employees,“ he said.

He said to date, AVX’s accumulated investment in the state amounted to RM1 billion.

Chow also said that the state government was committed to supporting high-quality investments, including those related to disruptive technologies such as the Internet of Things, 5G, artificial intelligence and virtual reality and augmented reality.

AVX Corporation, headquartered in the United States, is a leading international manufacturer and supplier of a vast portfolio of advanced electronic components, including capacitors, inductors, filters, resistors, couplers, diodes and circuit protection devices. - Bernama

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