Despite the challenging economic landscape, Penang continues to record stable inflow of foreign direct investment, said Chief Minister Lim Guan Eng.

Lim said that between 2008 and 2015, the state's FDI stood at RM36.7 billion. 

"This is twice the amount of domestic investments recorded at RM18.3 billion,totalling RM55 billion,” Lim said in a press conference today.

Earlier, he had announced a new RM100 million investment from Scandinavian IBS (SIBS), a Sweden-based industrialised building system company to be set up in Penang Science Park in Batu Kawan.

The company is expected to produce an estimated 500,000 sq ft of apartment modules per year.

Lim also said Sweden contributed some RM29 million in investments, between 2008 and September 2016.

“This is another reflection of the consistent inflow of foreign investment into Penang, a strong signal of confidence in the state as a location of choice for investors,” he added.

Last year, three multinationals - Seagate Technology Plc, Western Digital Corp and Rubicon Technology Inc, withdrew their investments from the state. 

This was on top of Intel Technology announcing early last year that it would lay off 12,000 staff globally - a move which hit some 1,000 workers in Penang in Kulim, Kedah. 

The state government had dismissed concerns arising from such closures, saying “four or five multinational companies may be leaving Penang, but this does not render the state unattractive to investors”.

Other notable Swedish businesses in Penang are Nolek, Nolata, Monitor ERP and soon to be launched Ikea. 

According to SIBS managing director Erik Thomaeus, the business is expected to generate about 180 jobs. 

"We scouted for places in India, China, and Japan and found Penang to be the most suitable."