Monday, October 31, 2016

Penangites’ Future Seems Bleak…

Chief Minister Lim Guan Eng, bodacious accusations on the Federal Government of sabotaging foreign direct investment (FDI) into the state, could be interpreted as a hard and loud retaliatory act against the two graft related offences while in the office. 

The outbursts and conduct unbecoming of the Chief Minister and his goons, certainly has impacted the people of the state due to inept administration and poor relationship with the Federal government resulting in deteriorating investments and future of Penangites. 
The negative perception by Lim and his administration made the headlines not restricting the domestic borders but across the economic globe is well translated through the FDI and domestic investments into the state over the span of five years:
  • Year 2011 – MIDA approved RM9.1 billion of RM56.1 billion investments; 109 projects (DI; RM1.96 billion and FDI; RM7.146 billion). Penang ranks First.
  • Year 2012 – MIDA approved RM2.471 billion of RM41.1 billion investments. 115 projects (DI; RM1.344 billion and FDI; RM1.126 billion).
  • Year 2013 – RM3.912 billion of RM52.1 billion worth of investment was approved by MIDA to Penang. 119 projects (DI; RM2.117 billion and FDI; RM1.794 billion). Penang, ranked Fourth.
  • Year 2014 – Penang’s approved investment stood at RM8.16 billion of RM71.852 billion total investment to Malaysia. 169 projects (DI; RM3.048 billion and FDI; RM5.113 billion). Penang took Third position.
  • Year 2015 – RM6.724 billion of RM74.693 billion approved investment went to Penang. 107 projects worth (DI; RM2:22 billion and FDI; RM4:49 billion). Penang at Fifth rank.
  • Year 2016 (Jan - Jun) – RM2.668 billion approved by MIDA in 52 projects of RM19.621 billion total investment. Penang was positioned Third.
- Source: MIDA yearly reports. 

Question: Chief Minister Lim, would an Oil and Gas (O & G) investment or any industries without facilitation or infrastructures considered a fair arrangement with preference given to Penang? 

Obviously, the statistics reflected a downward trajectory; whereupon Penang no longer an attraction to top high tech investments. Lim and his administration, now faces reality of their undoing. The huge investments enjoyed in Penang previously are much credited to the BN led government, while the current state administration joyously claims credit. 

One noticeable reaction by the state government is the constant denials of which now turned to a blame game. Nothing constructive or bold efforts to mend the ties.