According to figures released by Malaysian International Development Agency (MIDA), the Pakatan Rakyat ruled state has increased its investment by a whopping 465 percent from RM2,165 million in 2009 to RM12,238 million in 2010.
“The significance of this historic achievement is highlighted by Penang's contribution of RM12,238 million to Malaysia's investment constituting 26% of Malaysia’s total investments of RM47,177 million in 2010,” said chief minister Lim Guan Eng in a statement to Harakahdaily.
Lim added the state had moved up to occupy the highest ranking in 2010, from its fourth place in 2009. Selangor came in second with RM10,641 million in 2010, a 50 percent increase from RM6,759 million in 2009.
Other PR-led states Kedah and Kelantan also saw increase in capital investment, with Kedah registering 30 percent more investment (RM1,960 million) in 2010 and Kelantan 34 percent more (RM169 million).
Lim said the 465 percent increase in state investment was a reflection of investors’ confidence towards the state's human capital, as well as an affirmation towards the state government’s strategy of promoting Penang as a choice destination for investors.
“Penang believes that competency, accountability and transparency (CAT) has also built confidence that a government with integrity can make things happen and both execute and deliver," he stressed, and added that Penangites could now proudly proclaim that "Penang leads".
He also said the state had received praise in the recent Auditor-General's Report and from Transparency International.