Phang pointed out that in fact Penang had registered the highest investment growth rate of 15% in Malaysia, exceeding the national average of just 2%, hence there is no basis to say that MIDA has not been helping the state.
Phang revealed that under the Domestic Investment Strategic Fund (DSIF) for Malaysian Companies, set up in July 2012, Penang received the highest amount of matching grants totaling RM201 million out of a RM550 million approval.
Going forward, he said MIDA would continue to focus on attracting more investments to Penang, dubbed the Silicon Valley of Malaysia.
Meanwhile for the first seven months of the year, Penang secured some 95 projects with investments of RM3.9 billion compared with RM4.6 billion for the whole of 2013.
Source: MIDA, NST Business Times online, The Edge Market 17 Oct 2014