‘Manifesto will enhance Penang’s appeal to investors’

GEORGE TOWN: The Penang Unity Manifesto 2023 will enhance the state’s competitive edge in attracting international investments, says the Penang Chinese Chamber of Commerce.

Its vice-president Tan Sri Alex Ooi Kee Liang said the manifesto’s promises would increase the state’s appeal as the preferred investment destination in the Asean region.

“The plan to develop the Silicon Island project will attract high-impact investments; the Meditech City in Batu Kawan and the Global Business Services (GBS) by The Sea scheme will also surely benefit the local construction industry, generate employment and create economic spillover effects.

“The commencement of the Penang Light Rail Transit will reduce traffic congestion, enhancing its appeal as a second home destination,” he added.

Federation of Malaysian Manufacturers northern branch chairman Datuk Lee Teong Li said the manifesto would transform Penang into a preferred investment hub.

“The Silicon Island and Meditech City projects will positively impact the small and medium enterprise (SME) eco-system, improve the people’s purchasing power and generate demand for new housing projects. The economic spillover effects are tremendous.

“The Penang Light Rail Transit, Juru Interchange and Sungai Bakap Bypass will cut traffic congestion, reduce travel time in the city and mainland, and draw more tourists into the state,” Lee added.

Small and Medium Enterprises Association of Malaysia (Samenta) national secretary Yeoh Seng Hooi said the pledges in the manifesto would benefit the business community if appropriately executed.

“The projects look set to transform Penang into a heavyweight contender for high-end investments.

“However, the kind of economic spillover effects to be generated depends on how the projects are planned and executed,” Yeoh said.

He added that there should be more technical and vocational education and training (TVET) skills development programmes to benefit SMEs.

Pakatan Harapan-Barisan Nasional launched its election manifesto, dubbed the “Penang Unity Manifesto 2023”, focusing on 16 main themes at Butterworth Arena in Mak Mandin on Tuesday.

The manifesto has pledges to develop the ESG (environmental, social and governance) - compliant Silicon Island and the GBS By The Sea projects to attract high-impact investments.

The Silicon Island is expected to generate about RM7bil for the local economy, while the GBS By The Sea project aims to secure Global City status.

Among the manifesto’s highlights is the pledge to set up a state social development fund for the needy using medical health fees collected from foreigners.