Penang expected to hit 6% GDP this year

GEORGE TOWN, Dec 7 – Penang expects to improve its gross domestic product (GDP) percentage by 6% this year, driven mainly by investments, Chief Minister Lim Guan Eng said today.

This is an increase from 5.6% last year.

Lim said with RM7.7 billion in approved investments in the manufacturing sector in the first half of this year, the state was optimistic of a 6% GDP.

He added that Penang’s GDP growth rate had surpassed the national level of 4.2% last year, with 45% of the country’s manufacturing sector investments going to Penang.

Last year, he said, Penang had also recorded the second largest investments for global establishments for services or “principal hubs” with an investment value of RM4.1 billion, after Kuala Lumpur.

“Based on this data given by the Malaysian Investment Development Authority, we have come out tops, and we feel we can hit 6% GDP this year,” he told reporters at the opening of the Regus business centre at Wisma Boustead, Jalan Sultan Ahmad Shah here today.

Regus began operations in Malaysia in 1999 and currently has 30 centres in Kuala Lumpur, Petaling Jaya, Shah Alam, Kota Kinabalu and Penang.

It is part of world’s largest provider of flexible workspace solutions, with a network of 3,000 locations in over 1,000 towns and cities, serving 2.3 million members across more than 100 countries.

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