Sunday, May 18, 2008

Penang sees RM3.8b in investments - NST

GEORGE TOWN: May 18, 2008

Penang is expected to attract RM3.8 billion worth of investments by the end of this year.

State InvestPenang executive committee chairman Datuk Lee Kah Choon said as of May, the state had recorded about RM1.9 billion worth of foreign direct investments (FDIs) and local investments.

"The commencement of the Penang Second Bridge and the on-going expansion of Bayan Lepas airport have boosted the transportation of goods.

"Other mega-projects, such as the Penang monorail and Penang Outer Ring Road, once completed, will expedite the influx of investors here," Lee said at Penang Skills Development Centre yesterday.

He said although Penang was supported by an improved road system and reliable sea and air connectivity, it still needed to move up the value chain to stay competitive.

"To make Penang more marketable, the state is finding ways to internationalise the facilities here."

Among the plans mooted to fast-track the arrival of the FDIs are to build more universities, international schools and skills redevelopment centres.

Lee also said more hospitals and biotechnology centres would be built to accommodate the increasing number of medical tourists, as well as research and development teams, respectively.

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