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CM Chow Kon Yeow should stop deluding himself; Penang’s economy not what it used to be

On Thursday    16-05-2019 17:13:00

16 May 2019


Press Statement by MCA Penang State Liaison Committee Chairman cum MCA Vice President Datuk Tan Teik Cheng



CM Chow Kon Yeow should stop deluding himself; Penang’s economy not what it used to be


It is regretful and disheartening to see that Penang Chief Minister Chow Kon Yeow sweeps pressing issues under the rug, insisting that the drop in investments, the shutdown of factories, and people losing their jobs are just old news, “normal” and unconfirmed.


I find it unacceptable that Chow Kon Yeow favours churning out distorted facts to throw dust in everyone’s eyes — pretending all is well — over devising ways to rectify the problem.


Chow Kon Yeow should publicise the correct statistics, and show us in the recent 4 years, how many companies have closed down in Penang? How many have withdrawn their investments? How many people were laid off and became unemployed? At the same time, the Pakatan Penang state government must announce their solutions, including how to restore investors’ confidence and creating new jobs. Slamming the ones who highlighted this issue only goes on to showcase the irresponsibility and incompetence of the leader.


Let me remind Chow Kon Yeow that he confirmed himself on April 10th, 2019 that a manufacturing factory had indeed laid off their employees.  Just this month too, he admitted that capital investments had dropped 46% from 2017’s RM10.8 billion to 2018’s RM5.8 billion. How are any of these normal?


Chow Kon Yeow also cannot deny that in the span between 2015 and March 2019, a total of seven multinational companies in Penang had shut down, and as a result, 5,242 workers lost their jobs. “Old news” truly.


Moreover, Finance Minister Lim Guan Eng indicated that the approved FDI had jumped 48% for 2018 to RM80.5 billion. The industrial production index had also expanded at a pace of 3.2% by January 2019. Yet, as the number one biggest city of North Malaysia, the capital investment cannot seem to stop sliding. These are hard, concrete facts.


The rate of development and investment in Penang should not be determined only by its internal state data; it ought to be compared to other states too. For instance, if other states had seen a capital investment increase of 5%, but Penang witnessed a slippage, then the development of Penang is something to be worry about.


Further denials do nothing to help Penang progress. Chow Kon Yeow should stop playing with words and blaming the previous regime. Instead, it is more practical for him to formulate a plan to revitalise the economy of Penang.


Datuk Tan Teik Cheng

MCA Penang State Liaison Committee Chairman

MCA Vice President


-MCA online-

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