The Penang government gave credit to all 1.6 million Penangites for a “historic feat” after the state recorded the highest manufacturing investments in the country, for the second year running, last year.

“This is a marvellous and incredible achievement for the second smallest state in Malaysia without any natural resources,” Chief Minister Lim Guan Eng said in a statement today.

He noted that International Trade and Industry Minister Datuk Seri Mustapa Mohamad had announced Penang topped manufacturing investments for 2011 with RM9.1 billion. The figure surpassed the state’s RM6.1 billion target.

“In 2010, Penang became top in manufacturing investment in Malaysia for the first time in history with RM12.2 billion,” he noted.

“Open competitive tenders and public declaration of assets by Penang government leaders have inspired confidence amongst investors of our political commitment towards good and clean governance as well as personal obligation to integrity in leadership,” he said.

Lim expressed the state’s gratitude to Mustapa and the Malaysian Investment Development Authority (Mida) for their co-operation with InvestPenang.

“The late (former chief minister) Tun Dr Lim Chong Eu should not be forgotten for his legacy in laying the foundation of an industrial state that has enabled the present government to build on this singular success,” he added.

Calling the feat to emerge top for the second consecutive year “unexpected”, he said the state government has focused on consolidating its human resources and building up capacity to attract critical sectors that are knowledge-intensive, high-tech and high-value added in electronics, LED lighting, renewable energy such as solar energy, avionics and aerospace, medical devices and biotechnology.

Lim stressed that for the first time ever, Mida introduced a new measurement indicator of “total investment” which included manufacturing, services and primary sectors.

“In this new category of ‘total investment’, Penang lost out narrowly to Sarawak which received a huge boost from oil and gas investments,” he said.

He stressed that state has identified the services sector as one of the twin engines of economic growth together with manufacturing. Penang hopes to see the services grow to more than 50% of GDP by 2020.

“The Penang state government is willing to share this success with the Federal government for the benefit not only of 1.6 million Penangites but for all Malaysians who will benefit from the increased tax receipts,” he said.

Lim said the state will further upgrade logistics and infrastructure, both physical and digital, while focussing on training, retraining, retaining and attracting new talent.

“At the same time, the development of the SME sector will only intensify with the expected completion of the Penang SME Centre in June this year that offers cheap rentals to technological start-up companies,” he added.

Source: TheSunDaily