RM48.2b invested into Penang from 2008-2014: Guan Eng

GEORGE TOWN: Penang has managed to attract investments of some RM48.2 billion from 2008 to 2014 since the national opposition wrested control of the state.
Chief Minister Lim Guan Eng said the amount attracted was 93% more than the RM24.9 billion invested from 2001 to 2007.
He also said his administration will continue to adopt economic measures which focus on tourism, housing construction, public infrastructure works, manufacturing and services.
He said these measures were needed to counter the 20% drop in business turnover in Penang due to the implementation of the Goods and Services Tax (GST) and the depreciation of the ringgit.
He said the falling value of the Ringgit has also resulted in Penang missing out from being a high income economy.
He said a GDP capita of RM42, 251 was the benchmark for a high income economy prior to the depreciation but a GDP capita of RM52,000 was now needed.
“The Penang state government works for the nation and not for donation,” he said in his Merdeka Day message today.
Lim also pointed out his administration has managed to record budget surpluses of RM453 million from 2008 to 2013.
“This result is higher than the RM373 million in budget surpluses the Barisan Nasional (BN) recorded in 50 years from 1957 to 2007,” he said.