PENANG recorded RM1 billion in investments in the first quarter of this year, said Chief Minister Chow Kon Yeow.

He said foreign investments contributed RM580 million while RM439 million came from domestic investments.

Last year, the state attracted the most foreign investments for the manufacturing sector in the country at RM8.5 billion. Its total of RM10.8 billion investments was the second highest in Malaysia in 2017.

The biggest contributor was the electric and electronic industry, which drew RM6.7 billion last year.

Chow, who was appointed chief minister in May this year, said Penang will continue to its promotional efforts to attract new investors and retain existing ones, while facing global challenges.

“We are looking closely at the tariff issue between China and the United States, which may affect the global economy.

“Penang will continue to work with state and federal agencies like the Malaysian Investment Development Authority to promote investments in Malaysia,” he said in his winding up speech at the state assembly today.

Meanwhile, Chow also revealed that the state’s free CAT (Congestion Alleviation Transport) bus service that was launched in April this year had gained the interest of the federal government.

He said Penang has been invited to present the CAT service to the National Transport Council that will meet soon.

“We have been asked to present the service to see if it could be implemented in other states or cities,” he said.

The Penang government pays Rapid Penang RM15 million a year for the free service, which runs on several main routes on the island and mainland.

Chow, in his speech, noted the requests of several assemblymen for the free bus service to be extended to their constituencies.

He said the service would be improved so it could be optimised further for the benefit of the people, as it gradually became more popular. – August 10, 2018.