English, Penang, Politics

Perikatan Nasional (PN) is slaughtering Malaysia’s FDI “golden goose” with the cancellation of FOUR important infrastructure projects in Penang when the state is responsible for 7 out of 11 high value foreign direct investment into Malaysia in 2020

Media statement by Steven Sim, MP for Bukit Mertajam

19 JANUARY 2021 | BUKIT MERTAJAM, PENANG

According to Malaysian Investment Development Authority (MIDA), Penang is the top FDI destination in the country accounting for 7 out of 11 high value foreign direct investment (FDI) projects into the country in 2020. This has proven that Penang, with its track record of anti-corruption and good governance, is the primary FDI attraction in Malaysia. 

Hence it is pure political vengeance which did not make any good economic sense when the PN federal government canceled four important infrastructure projects in Penang, namely, the RM100 million cable car project, the RM800 million airport expansion, the Asian Development Bank loan guarantee for the development of LRT in the state and finally, our iconic ferry service.

With reports of multinational corporations choosing to invest in neighbouring countries and big companies such as Hyundai is closing their Asia Pacific headquarter in Malaysia to move to Indonesia, PN should wake up from their political honeymoon and stop their political games which they have played since the treacherous Sheraton Move on 23 February 2020. 

The government has utterly failed to manage the pandemic in Malaysia with our daily Covid-19 cases now being one of the highest in Southeast Asia. We were the worst performing economy in the region last year being the only ASEAN 5 country to be downgraded in our sovereign rating. Now PN wants to slaughter the “golden goose” of FDI  by denying much-needed infrastructure development in Penang. 

These four projects should be reinstated immediately, or Penang and Malaysia will suffer further economic decline this year. 

Steven Sim Chee Keong

Member of Parliament for Bukit Mertajam 

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