2024 Budget: Penang is on nation's development radar, says Chow - MIDA | Malaysian Investment Development Authority
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2024 Budget: Penang is on nation’s development radar, says Chow

2024 Budget: Penang is on nation’s development radar, says Chow

13 Oct 2023

The 2024 Budget, tabled by Prime Minister Datuk Seri Anwar Ibrahim today, reflects Penang’s importance on the national development radar.

Chief Minister Chow Kon Yeow said the budget indicated Penang’s importance in keeping pace with the current development.

“As the chief minister, it is no exaggeration to say Penang unity state government welcomes the federal budget, symbolising that Penang is also on the national development radar.

“For instance, the proposal to encourage reinvestment tax in the form of an investment tax allowance of 70 per cent or 100 per cent, which the ‘trickle-down economics’ policy is expected not only to encourage investors to increase their capital investment but will also further raise commodity productivity, creating more job opportunities and boosting the state’s economic cycle.

“With regards to the desire of the Investment, Trade and Industry Ministry and the Malaysian Investment Development Authority to facilitate foreign direct investment (FDI) and domestic investment, I hope that the drive will further strengthen the existing cooperation at the state government level via the government-linked companies (GLC), Invest Penang and the Penang Development Corporation (PDC) in Penang.

“Likewise, with the proposed establishment of the Investment and Trade Coordination Action Committee (JTPPP), it is hoped that the Penang government can participate collectively,” he said.

With regards to the initial estimate of the construction of the state’s first light rail transit (LRT) project worth RM10 billion through the public-private partnership (PPP) method, Chow hoped that the mega project could be realised and expedited.

“The government’s continuous efforts in empowering the rail-based public transport service system in Penang will not only contribute to the formation of increased gross fixed capital, but it will also further improve the quality of life of the people as well as contribute to the decline in traffic flow during peak hours in the future,” he added.

The budget also allocates RM180 million for the creation of a new special education block, which includes SK Bandar Baru Perda.

Chow expressed his wish to establish another special education facility on the island, given that two schools are already offering special education in Seberang Prai.

On the RM6.8 million allocation set aside for Technical Education and Vocational Training (TVET), Chow emphasised the potential for the Penang Skills Development Centre (PSDC), known for its fruitful collaborations with industry players, to play a vital role in pioneering national TVET initiatives, catering to the needs of essential economic sectors.

Source: NST