PENANG has achieved 150% growth in its total proposed capital investment with RM10.81bil recorded last year compared to RM4.29bil in 2016.
Chief Minister Lim Guan Eng said the statistics came from the Malaysian Investment Development Authority (MIDA).
He said Penang also has the highest foreign investment, with RM8.54bil recorded last year despite being the second smallest state in Malaysia.
“Although the economy was challenging, it showed the confidence of investors towards Penang due to our political stability, good governance and emphasis on human talents,” he told a press conference at Komtar on Thursday.
Lim said RM6bil in total investments was projected this year from the initial RM4bil target.
“We are more careful with the projection as we are expecting a challenging year, especially with the general election coming,” he said.
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