GEORGE TOWN: Penang has attracted an impressive investment inflow in the industrial sector this year, with approved investments up to the third quarter (3Q) hitting RM22.6bil.
Chief Minister Chow Kon Yeow said the manufacturing sector accounted for RM12.1bil, while the services sector contributed RM10.4bil.
“Despite Penang being one of the smallest states, these figures reflect investor confidence in its potential with 364 projects recorded by the Malaysian Investment Development Authority and an estimated 14,042 new job opportunities created specifically for the people of the state,” he said in his New Year address yesterday.
Chow also noted that to date, Penang has recorded an overall achievement level of 73% under Penang2030 Vision, which is aimed at creating a “Family-focused Green and Smart State that Inspires the Nation”, with 359 projects successfully completed, nine in progress and five pending.
He said given the state’s robust economy, his administration would need to work harder to strengthen the infrastructure and create an efficient public transportation system to ensure smooth mobility, enhance the quality of life and ease traffic congestion.
To fulfil the needs, Chow said the state government has planned and implemented various initiatives for infrastructure and public transport optimisation, particularly the Mutiara Line Light Rail Transit (LRT) project which is currently at the negotiation stage.
“The land for the LRT depot on Silicon Island is expected to be ready and handed over to the project’s developer and asset owner Mass Rapid Transit Corp Sdn Bhd (MRT Corp) by the end of 2025,” he said.
Chow also noted that the Penang International Airport (PIA) expansion project announced by the federal government, which Malaysia Airports Holdings Bhd
kick-started in mid-2024, is a strategic step to turn PIA into an airport with the highest connectivity and flight volume in the country, if not Asia.
“The rise in tourist arrivals to Penang is also driven by the growth in the number of direct flights from various locations globally, especially with the launch of new routes to Shenzhen, China, and a direct flight from Penang to Chennai, India (this year),” the chief minister added.
Chow, who is also the state’s finance, economic development, land and communications committee chairman, said the growth not only benefits the tourism sector, but also provides a positive boost to the state economy as a whole.
He pledged that the state administration will continue to deliver the best services to ensure no one is left behind in Penang’s development. — Bernama
