According to Yang Dipertua Negeri Tun Ahmad Fuzi Abdul Razak, Penang is headed toward becoming a major economic force in Asean thanks to its rapid economic growth and solid financial performance.
Compared to the previous year’s growth rate of 6.9 per cent, he said Penang’s economy saw significant growth in 2022, growing by 13.1% to a GDP value of RM112.1 billion.
Speaking at the official opening of the first term of the 15th state legislative assembly here, he stated, “The manufacturing sector, as reported by the Malaysian Investment Development Authority, continued to drive the state’s economic growth, with a significant increase from 12.4% in 2021 to 15.9% in 2022.”
He noted that Penang attracted RM13.7 billion in approved manufacturing investments in 2022, involving 135 projects and generating 15,752 new job opportunities.
“The state’s sixteen percent share of the authorized manufacturing investments in the nation for 2022 positions Pulau Pinang as a major player,” the speaker stated.
He continued by saying that 71 percent of manufacturing investment inflow in 2022 came from foreign direct investments, which totaled RM9.7 billion in the state, while domestic direct investments accounted for 29 percent, or RM4 billion.
He complimented the state for continuously upholding its financial integrity and stated that it is equally important for the state to do so.
He claimed that the state’s receipt of a clean certificate for the fiscal year 2022 from the auditor general is proof of this.
“The accumulated balance of RM1.859 billion in its state consolidated funds as at 2022 is also evident in the state’s strong financial performance,” he stated.
He said that the state had successfully lowered its debt, which had dropped by RM4.30 million, or 9.5 percent, from RM45.41 million in 2021 to RM41.11 million in 2022.
Additionally, he said, the state had refrained from applying for any new federal loans.
“The state’s financial excellence is highlighted by the fact that no new loans have been granted since 2016. I strongly recommend that the state maintains this exceptional performance in order to foster public confidence, draw in additional investors, and promote economic growth,” he stated.
He credited Penang Chief Minister Chow Kon Yeow’s leadership for the state’s notable economic advancement.
