Penang grateful for allocation under Budget 2024: Chow

Published by The Vibes• 14/10/2023

GEORGE TOWN – Penang, one of the better economic performing states, is grateful for the windfall it received from the Madani unity government with an allocation of RM10 billion for the initial costs of the light rail transit (LRT) system project.

Chief Minister Chow Kon Yeow said he was thankful that the federal government now sees the importance of Penang under the radar of nation-building.

The LRT is proposed to stretch an additional 10km to Tanjung Bungah from the main 18km passageway of Komtar to the Penang International Airport in Bayan Lepas with another proposed link to Prai (mainland) via the Penang Bridge connectivity.

The LRT is being planned through the public-private collaboration (PPP) and Chow hopes that this critical project can be hastened because it will improve the quality of life here through the reduction in severe congestion.

Chow also noted that the latest investment-friendly policies would create a trickle-down effect to the economy in the form of tax rebates which would spur more investors to come here.

“It will encourage investors to raise their investment capital since there are now rebates. This will translate to more trading activities here while spurring productivity and creating more jobs,” said Chow in a statement.

He also noted the intentions of the Investment, Trade and Industry Ministry (Miti) and its lead agency, the Malaysian Investment Development Authority (Mida), to reduce the bureaucracy in tapping more foreign and domestic direct investments.

This, he said, would facilitate better collaboration between the federal and state governments through government-linked companies, Invest Penang and the Penang Development Corporation (PDC).

Penang also hopes to be part of the national action committee on investment and trade coordination, as it can generate collective action to boost the economy.

Another boost to Penang is the allocation of RM180 million to establish a new special education block at SK Bandar Baru Perda.

The fiscal budget for next year also injects RM6.8 million into technical vocational education and training, said Chow.

It will boost the role of the Penang Skills Development Corporation (PSDC) in helping the country produce adequate labour to meet the demands for TVET skills. – The Vibes, October 14, 2023