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Rm15b Makes Penang Top Draw for Investors Story by K.H

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Rm15b Makes Penang Top Draw for Investors Story by K.H MAY 1 – 15, 2020 MAY FDI champ RM15b makes Penang top draw for investors Story by K.H. Ong “We will work hard to ensure our ogy players to discuss technology Pix by Alvie Cheng state economy is resilient in the face of solutions to help Penang tackle the the new normal due to the Covid-19 ‘next normal’ challenge. ENANG has achieved a record high pandemic.” Chow said he was informed by the in total approved manufacturing in- Selangor was the next highest FDI Penang police chief that under the Pvestments in 2019, attracting achiever with RM10.4 billion while Ke - movement control order (MCO) FDI of RM15b shows Penang remains top pull for investors RM16.9 billion, up 192% year-on-year and dah came third with RM8.086 billion. Phase Three thus far from April 15 more than double its 10-year average of Chow said the services sector was to April 21, the compliance rate was RM8 billion from 2010 to 2019. the largest contributor to Penang’s 97.92% while the total number of The RM16.9 billion, from strong inflows gross domestic product (GDP), account- arrests during the 36 days of MCO of both new and re-investments into the ing for 49%. This was followed by the was 566 people. state, accounted for 20% of Malaysia’s total manufacturing sector at 46%. He reiterated his appreciation to manufacturing investments. He said the services sector in Pen- the frontliners, workers and security Chief Minister Chow Kon Yeow said ac- ang provides employment to about personnel for their hard work. cording to an investment report for 2019 300,000 workers, with almost half of Chow later received donation of released by the Malaysian Investment De- them involved in the tourism industry. medical equipment worth velopment Authority (Mida) on April 20, out Chow added that according to a cri- RM102,000 by Ckone Charity As- of the RM16.9 billion manufacturing invest- sis assessment report by Penang Insti- sociation (CCA) for the state Health ments into the state, foreign direct invest- tute, the state government’s think-tank, Department. ments (FDI) accounted for RM15 billion with 99% of businesses in the services CCA was represented by its pres- 166 projects. sector in Penang are in the small and ident Sam Lim Cheng Seang and This translates to 89% of the total invest- medium-sized enterprises (SMEs). secretary Lim Kok Beng while the ment inflows while the remaining RM1.9 The same report also analysed 46 state Health Department was repre- billion or 11% were manufacturing domestic types of SME category businesses in- sented by the chief assistant director direct investments (DDI). volving four major sectors, namely ag- of the legal medical unit, R.A. Lin - The RM15 billion FDI was an impressive riculture, construction, manufacturing geshwaran, at the presentation. Also increase of 306% year-on-year and ac- and services, and found that the ser- present were Ckone medical advis - counted for 28% of the country’s total vices sector was the most affected by ers Dr Mohamed Jahangir and Dr manufacturing FDI, making Penang the the Covid-19 crisis. Zarina Banu. country’s top FDI destination. Based on the analysis, 74.9% of SMEs in man Yeoh Soon Hin as the deputy chairman Ckone Charity Association also contrib- “Both of these figures are the highest the arts, entertainment and recreation sub- and the Penang Global Tourism (PGT) as the uted RM5,000 to the Penang Covid-19 achievement in our state’s history to date,” sectors are micro enterprises and the eco- secretariat. Fund. Chow said via Facebook Live on his Face- nomic risk to these groups is extremely high. They held a virtual roundtable meeting Chow also received donation of 110 book page from his office in Komtar on April Chow said due to the importance of this on April 25 with industry leaders for an initial boxes of groceries worth RM15,000 from 22. sector, the state government has decided discussion on the issues affecting them. the Malaysian Bumiputra Contractors As- “This signifies that foreign investors still to establish the ‘Penang Tourism Next Nor- “We intend to take early action to ensure sociation of Malaysia, which was repre- have high confidence in the investment mal Taskforce’ to gather the views of key the survival of the people and the state of sented by its president Datuk Izham Omar ecosystem offered by Penang. stakeholders and formulate strategies to Penang as a whole,” Chow explained. Merican and deputy president Abdul Jalil “Penang has no natural resources but we ensure the viability of the sector. The state government, through Digital Mohd Hassan. do have a wealth of talents that are often The taskforce is headed by Chow himself Penang, organised PLC19 eCrowdSource: Also present was state Welfare, Caring envied and have attracted investors. Con- with state Tourism Development, Arts, Cul- Hacking the Next Normal, a virtual roundta- Society and Environment Committee chair- gratulations and thanks to everyone! ture and Heritage (Petach) Committee chair- ble gathering that brought together technol- man Phee Boon Poh. 2 MAY 1 – 15, 2020 Governor: Study impact of Covid-19 pandemic Story by Christopher Tan “The development of integrated He lauded the state’s initiative in Pix by Ahmad Adil roads and public transportation building a transit centre for the Muhamad and Adleena network will enhance the sustain- homeless in Jalan C.Y. Choy. Rahayu Ahmad Radzi ability and accessibility of Penang Abdul Rahman was also proud to island and Seberang Perai. note that the state government had Abdul Rahman delivering his opening address at the Penang OVERNOR Tun Abdul Rah- “They will also promote strong managed to ensure sufficient af - Legislative Assembly in Dewan Sri Pinang. man Abbas has urged the and sustainable economic growth fordable homes were made availa - GPenang government to in the state,” he said. ble in Penang. the people to follow the orders of best commitment and have exe- study the impact of the Covid-19 The Governor added that the “A total of 30,191 affordable the authorities,” he told the state cuted their duties to ensure that pandemic on the state’s invest- proposed Penang South Reclama- homes have been built since 2008; assemblymen and the public. Penang can function without any ments and its global supply chain. tion (PSR) project is the state’s while 24,096 units are currently In his statement, Abdul Rahman difficulty during the MCO period. “The Penang government must economic transformation project. being built and 51,000 units are in congratulated Chow for his excellent “The financial position of Pen- continue to promote domestic and “The land reclamation project, to the planning process. leadership in governing the state ang is good. Although the state foreign investments to spur the be owned by the state government, “I want to congratulate the state during the spread of the Covid-19 does not have a huge source of state’s economy. will help to address land shortage for appreciating the role of women pandemic. income, it managed to provide “The state’s Tourism Recovery issues. in the nation’s development and “The Chief Minister and the assistance to the needy commu- Action Plan must also look into ways “The PSR project is set to excite family institution,” he said. state’s machinery, led by the nities that were impacted by the to grow the state’s tourism industry the electrical and electronics (E&E) He praised the state for setting State Secretary, have given their pandemic,” he added. post-pandemic,” he said. industry, besides providing more up the Women and Family Develop- He also urged the state to help modern affordable homes for the ment Committee (JPWK) in all 40 farmers and fishermen to achieve a people of Penang. Part of the plan constituencies in Penang. Penang mulls review of ceiling 100% self-sufficiency level. is also to promote a smart city with Abdul Rahman also thanked the “The usage of modern technol- modern technology. state for caring for the development prices for affordable housing ogy such as IoT among the farmers “Among them are an education of Islam. THE Penang government is consider- materials to professional sector, until and fishermen must be enhanced and innovation hub, a convention “Penang and the federal govern- ing reviewing ceiling prices for afford - the end product is completed. to increase productivity,” he said. centre and medical tourism facili- ment have built and upgraded many able housing units on the island and “We need to help to rebuild those Abdul Rahman also stressed the ties. mosques in the state. We also have mainland. sectors. We need to stimulate the importance of having a systematic “The projects are scheduled for 372 Islamic education institutes in Local Government, Housing, Town housing industry,” he added. and realistic transportation plan. tender by the end of this year. The Penang. and Country Planning Committee Jagdeep said the state Housing “It is crucial because a system- land reclamation works are sched- “It is my hope that the state con- chairman Jagdeep Singh Deo said Department and his office would atic and realistic transportation plan uled to start early next year,” he tinues to care for the growth of Is - the state was looking at reviewing hold a discussion with relevant can have a huge impact on the said. lamic education in Penang,” he said. the current ceiling prices of stakeholders, including the Real economic growth rate, livability and Abdul Rahman was also con- Abdul Rahman summarised his RM300,000 on the island and Estate Housing and Developers’ As- the sustainability of the city.
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