Saturday, October 9, 2010

Investpenang Optimistic To Achieve RM4.2 Billion Investment Target By Year- End

Invest-in-Penang Bhd (InvestPenang), the state government's investment promotion agency, is optimistic of the state achieving its target of at least RM4.2 billion investment by year-end.

Executive Committee Chairman Datuk Lee Kah Choon said the state has been buoyed by a surge in new investments in the second quarter of this year.

"Although we may not know from where the investments are coming from, we remain optimistic to achieve the target by year-end," he told a press conference at the Penang Skills Development Centre today.

Penang received only RM140 million investments in the first quarter of this year but picked up steam by wooing RM1.5 billion worth of projects in the second quarter.

Lee said the state government's aim to move Penang to a higher-income society must be supported by aggressive and pro-active promotion of investments in high-technology products and activities of InvestPenang.

He said Federal Government support was crucial to bring the aspiration to fruition.

Lee urged the Federal Government to promote locally-manufactured light emitting diodes (LEDs) and medical devices produced in the country.

"One of the means is to utilise the locally-made products which are mostly exported," he said.

Last year, the state attracted investments totalling RM2.1 billion vis-a-vis RM10.2 billion in 2008.

The state government announced recently it was setting up a Penang Tech Centre to boost innovations and spur new technology modelled after the San Jose Tech Centre in the United States.

I hope Penang government can get more investment in for the better of everyone from the state.

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