Penang's economy looking good, with more to come: CM

GEORGE TOWN (Oct 25): It has been an encouraging year for Penang as far as the state's economic growth is concerned, Penang Chief Minister Chow Kon Yeow said yesterday.

He said despite the bearish global and domestic climate, Penang successfully recorded 5.4% economic growth for the first nine months of 2019, compared with 4.9% for the whole of 2018.

“What this shows is that in the midst of global economic challenges, our development efforts continued. Penang is reliant on the manufacturing and industrial sector in areas such as Bayan Lepas, Batu Kawan, Bukit Minyak, Bukit Tengah and Prai. In the past year, Penang industries have been performing well with new investments pouring in.

“Some RM9.2 billion worth of investments have been secured within just the first six months of this year, which is twice the amount gained last year. I believe more (investments) will pour in within the two remaining months,” he said.

Chow said this in his speech at a Deepavali hamper presentation ceremony organised by the Penang chapter of the Malaysian Indian Chamber of Commerce and Industry (MICCI).

At the event, some 100 people comprising senior citizens and from the lower-income group received cash contributions and hampers containing essential food items worth RM150 each.

Chow, who is also Padang Kota assemblyman, said the state government will keep implementing more human and social development programmes to ensure the people’s well being are taken care off, especially those from the lower and middle-income group.

More development and infrastructure projects are in the pipeline and will be implemented soon to further boost the state economy, in the process creating more employment opportunities for school leavers and university graduates.

“The people of Penang will get to benefit from all these, besides also getting opportunities to be involved in small scale projects and construction, while more infrastructure will be made available. We will also strive to upgrade all schools in the state.

“In addition to this, more opportunities and exposure will be given in the field of science, technology, engineering and mathematics in the hope of churning out excellent students in the state,” he added.

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