78 % drop in investments in Penang

GEORGE TOWN: As Chief Minister Lim Guan Eng gets set to celebrate his second year in office, the state government has been urged to explain why Penang suffered 78 per cent drop in investments last year.

State Gerakan queried how successful the state government had been in attracting new investors to Penang.

State Gerakan assistant secretary Goh Kheng Sneah said this figure was provided by the Malaysian Industrial Development Authority (MIDA).

"Lim must explain what his administration is doing to bring in new investors, keep the existing ones happy and provide a clear master plan to boost the state's growth."

Meanwhile, the party's SME Industry Development Bureau chairman Michael Heah said Penang was now among the states with the highest decline in investments.

He said the state got just RM2.2 billion in investments in 2009 compared with RM10.2 billion in 2008 and that the number of approved projects last year also dropped to 104 from 151 in 2008.

"All this shows the state government must be more proactive instead of making empty talk and continuing to blame the previous administration and Federal Government over lack of funds.

He said Lim must also explain the success of the numerous foreign trips he and other state officials had made over the last two years.

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