THE PENANG government is prepared to support cutting-edge projects by making small invest-ments in them.
Chief Minister Lim Guan Eng said the projects would include those involving biotechnology and advanced medical enhancements.“The investments will not be a lot because of our financial constraint. Our aim is to give the projects a form of backing,” he said after opening the SME Forum 2008 at Penang Skills Development Centre yesterday.
On incentive packages for investors, he said the state would have to work with the Federal Government on the matter.
“We will also try to marry or match funding resources with those who need venture capital,” he said.
Lim said the first forum held by InvestPenang under the present state government was for small and medium enterprises (SMEs) because they formed the backbone of the state’s economy.
In his speech earlier, he said: “We understand your (SMEs’) language. You’d be surprised to see how much the state government understand your needs. Your needs are to increase revenue, reduce cost and improve productivity. We want to help you achieve all three.”
He said he believed the business of the government was not to do business but to help enterprises drive the state’s economy and make Penang the SME capital of Malaysia.
He also hoped the contributions by SMEs to the state’s Gross Regional Product would be increased from the current 20% to 30% soon.
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