THE Penang government is looking positively to some improvement on its total capital investment figures this year despite a setback last year.
Partly due to US-China trade war, the slow movement in the market has resulted in a dip on capital investments last year compared to 2017.
Explaining to reporters by showing data from Malaysian Investment Development Authority (MIDA), Chief Minister Chow Kon Yeow said the capital investments dropped from RM10.8 billion in 2017 to RM5.8 billion last year.
However, Chow said the state has managed to attract companies to set up factories here.
“That could assist in boosting the number of total investments.
“In fact, the state has managed to obtain average of RM5 billion yearly for last 10 years,” said Chow in a press conference.
He added the fall in investment figures was not something unusual as the electrical and electronics (E&E) sector would go through a cycle of changes in three to four years.
He said despite that, E&E sector and healthcare manufacturing sectors had brought in number of investments to the state, adding that last year was a tough and challenging year.
Also present were investPenang director Datuk Seri Lee Kah Choon and its chief executive officer Datuk Loo Lee Lian.
Story by Edmund Lee
Pix by Alissala Thian
Video by Ahmad Adil Muhamad