INVESTPENANG KEEN TO WOO INVESTMENTS FROM INDIA

BY Mahanum Abdul Aziz

KUALA LUMPUR, Sept 26 (Bernama) -- Invest-in-Penang Bhd (InvestPenang), a
Penang state government investment promotion agency, is keen to attract
investments from India in information technology (IT), high-end technology as
well as heavy metal industry, says its chairman Lee Kah Choon.

Lee said currently, investments from India were more on joint venture
partnerships with the local partners.

"India is one of the potential sources of investments we are looking at. So
far the investments are still small," he told Bernama at the Indian Engineering
Exhibition 2008 here Friday.

Lee said besides India, Penang was eyeing investments from other countries
such as South Korea, Japan, Taiwan, Hong Kong and Middle East.

He said traditionally, foreign direct investments to Penang came from the
US and Europe.

In the effort to boost investments in Penang, Lee said, InvestPenang would
also encouraged re-investments from the existing foreign investors.

"It is important for InvestPenang to continue engage foreign investors,
especially those who had invested heavily in the state," he said.

To make Penang more marketable, Lee said, the state would also provide IT
infrastructure such as wireless fidelity and worldwide Interoperability for
microwave access.

"Besides that, there are also efforts to secure more direct flights into
Penang to boost investments," he said.

Penang had earlier projected to attract RM3.8 billion worth of investments
by year-end.

In the first nine months of this year, the investment inflows into the
state already surpassed the target.

-- BERNAMA