Kuala Lumpur, Feb. 28 -- Penang Chief Minister Chow Kon Yeow said the state government is confident it can still attract foreign direct investment (FDI) amid rising competition from Asean countries.

He said that Penang recorded a positive FDI flow RM10.8 billion in 2017, compared to RM4.3 billion in 2016.

"Admittedly the FDI for 2018 cannot match the year before, but the final figure has yet to be announced by the International Trade and Industry Ministry. However, we are still confident after 50 years Penang has the right ecosystem to attract investors," Chow told BFM's Joyce Goh during the Breakfast Grille show.

From January to September last year, the island-state recorded RM3.83 billion in investments, of which RM2.15 was from FDI....