GOVERNMENT-linked Companies (GLCs) in Penang are not merely investments like the ones at federal level but function as facilitator and enabler to promote the state.
Chief Minister Chow Kon Yeow, who also chairs the committees on Land Matters & Land Development, Transport and Communication, said that the GLCs in Penang bring about positive economic impact to the state.
Bagan Dalam assemblyman M. Satees today asked the chief minister whether the allocation given to some of the GLCs in Penang can be classified as an ‘investment’ and whether or not they contribute towards the economic growth of Penang.
“Let’s take PICEB (Penang International Convention &Exhibition Bureau) as an example. It is not involved in any businesses and instead, it plays the role of facilitator and enabler to promote Penang as the (preferred place for) meetings, incentives, conventions, and exhibitions (MICE) industry at the international market.
“If 500 people attend an international convention, it has an economic impact in terms of hotel stay, shopping and food. According to PICEB, if we measure the economic impact of these conventions the revenue could reach to some RM1 billion. It is like investing RM1 million and get a return of over RM1 billion indirectly,” said Chow.
Chow stated that the state government has always been championing the 4P Partnership (Public, Private, People and Professional) whereby resorting to the use of little resources to generate a bigger revenue to bring about benefits to the state’s economy.
“This is the approach that we want to take, through small investments in GLCs which will be the facilitator and enabler for Penang to continue to be the sought after destination for diverse fields,” added Chow.
Story by Tanushalini Moroter