KUALA LUMPUR, Feb 22 — Penang will focus on building up its human capital as it plans to see services make up more than half the state’s economy.
After topping Malaysia’s manufacturing investment charts for the second year running, the state government said today it will now concentrate on services, as the sector “has been identified as one of the twin engines of economic growth together with manufacturing.”
Chief Minister Lim Guan Eng said in a statement today that Penang, the second smallest state in the country, only lost out to the largest state, Sarawak, by RM300 million in total investment “due to the surprising strength of Penang’s services sector.”
“Sarawak received a huge boost from oil and gas investments. Sarawak attracted some RM14.35 billion in total investment last year, to Penang’s RM14.038 billion. Petronas alone invested RM6.7 billion in Sarawak as compared to minimal investments for Penang.
“Penang hopes to see the services grow to more than 50 per cent of GDP by 2020,” the DAP secretary general said.
Putrajaya announced yesterday that Penang topped manufacturing investment for the second consecutive year with RM9.1 billion. This was down, however, from RM12.2 billion in 2010, in line with slowing economic growth in Malaysia.
Lim said this “incredible” achievement came after the state, which has been the country’s electrical and electronics manufacturing hub for over two decades, “focused on consolidating our human resources and building up capacity to attract critical sectors that are knowledge-intensive, high-tech and high-value added.”
“The Pakatan Rakyat (PR) Penang state government will continue to build human talent by focusing on training, retraining, retaining and attracting new talent,” the Bagan MP added.
Business newswire Bloomberg had in October last year described Penang’s growth into Malaysia’s “biggest economic success”, despite the federal government’s focus on Johor and Sarawak, as a boost to PR’s credibility.
It pointed out that under the Najib administration’s Economic Transformation Programme (ETP), the federal government is promoting RM65.8 billion worth of private sector-led projects for Johor and a mere RM375 million for Penang. - The Malaysian Insider
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