Friday March 22, 2013

Penang sees a 73% drop in investments

GEORGE TOWN: Penang fell to sixth position with a drop of 73% in total investments last year compared to 2011, state Barisan Nasional committee member Ong Thean Lye said.

Quoting information from Mida, he said that Penang suffered “a drastic drop” in total investments from RM9.11bil in 2011 to only RM2.47bil last year.

The state came in first in 2010, with investments that amounted to RM12.24bil.

“While Malaysia suffered a 27% drop in total investments from RM56bil in 2011 to RM41bil last year, total investments in Penang dropped by 73%,” Ong told a press conference here yesterday.

He added that not only did the total investments drop, the number of jobs had also declined.

“The employment opportunity dropped from 21,618 in 2010 to 14,293 a year later, then to 10,359 last year.

“The decline in investments and job opportunities are a big concern, and we do not see any industrial blueprint from the state government,” Ong said.

Batu Uban Barisan coordinator Goh Kheng Sneah said trade and investment delegations from the state concentrated on Taiwan, South Korea and China when the major foreign investors in Penang were from the United States.

“(South) Korea only invested RM1.82mil in 2010 and did not invest in 2011 and 2012.

“Taiwan's investment dropped from RM148.4mil in 2011 to RM34.3mil last year.

“China only invested RM4.93mil last year,” Goh added.

State government representatives were not available for comment on the drop in investments.

News

Friday March 22, 2013

Penang sees a 73% drop in investments