Penang draws RM48.2bil investments from 2008 to 2014

Penang Chief Minister Lim Guan Eng said that since the opposition took over, Penang attracted about RM48.2 billion investments from 2008 to 2014, up 93 percent compared to the RM24.9 billion recorded previously from 2001 to 2007, reported The Sun Daily.

He noted that his administration will adopt economic measures that focus on housing construction, tourism, manufacturing, services and public infrastructure works.

“These measures are needed to counter the 20 percent drop in business turnover within the state due to the weakening ringgit and the implementation of the goods and services tax,” said Lim.

He added that the

declining value of the ringgit saw Penang miss out from being a high income economy.

With this, Penang is forced to raise the benchmark gross domestic product (GDP) per capita by around 23 percent from RM42,251 to RM52,000.

“The Penang state government works for the nation and not for donation,” said Lim during a Merdeka event.

He underscored that his administration recorded RM453 million in budget surpluses from 2008 to 2013.

“This result is higher than the RM373 million in budget surpluses the Barisan Nasional (BN) recorded in 50 years from 1957 to 2007.”

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