PENANG’S accumulated financial reserves as of Sept 30 this year is more than RM2 billion, says state executive councillor Datuk Abdul Halim Hussain.
Abdul Halim, who is in charge of the Entrepreneurial Development, Trade and Industry portfolio, said the exact amount is RM2,004,586,100.95, which also took into account the Consolidated Revenue Account and the Consolidated Trust Account.
“This shows that Penang’s financial performance is in stable and strong condition.
“The state government will continue to practise prudent management in managing the state reserve to reduce unnecessary spending.
“As for development expenditure, the state government emphasises that planning and implementation of development projects should be done according to priority to achieve an optimum value from the projects.
“After all, it is our responsibility to manage the state finances in an efficient and orderly manner and to comply with all financial regulations in force.
“This is important so that all policies, programmes, projects and activities planned for the state development and the welfare of the people of Penang can be implemented effectively and accordingly,” Abdul Halim (PH – Batu Maung) said on behalf of the Chief Minister Chow Kon Yeow at the state legislative assembly sitting today.
Abdul Halim was replying to an oral question from A. Kumaresan (PH – Batu Uban) who wanted to know about the state’s financial reserve.
Chow is currently recuperating after being tested positive for Covid-19 on Nov 1 (Tuesday).
To a supplementary question by Mustafa Kamal Ahmad (PH- Telok Ayer Tawar) on state economic performance in the first quarter of this year, Abdul Halim said the state recorded RM6.3 billion of approved manufacturing investments.
“Our state is among the top contributors to the country.
“This is a humbling testament to the state’s robust industrial ecosystem which I hope will continue to attract and retain investments in our key and promoted sectors,” he said.
According to Abdul Halim, the Penang government has several strategies to attract high-quality investment into the state next year.
“The plans include the strengthening of the implementation of the ‘Hand Holding Program’ by InvestPenang to assist new and potential investors with ease of doing business in the state, to develop more industrial parks of international standard in the state and to empower cooperation with Federal and state agencies.
“All of these elements are important. They’re part of our offering to investors, ensuring that Penang provides a conducive business environment,” he said.
The Penang government, he said, would also continue to promote supply chain localisation through business matching sessions between MNCs (multinational corporations) and SMEs (small and medium-sized enterprises).
“We aim to create more awareness of the capability of local companies, which in turn may create business opportunities for the latter.
“Separately, the state government will ensure Penang’s cost competitiveness and ease of doing business remains while consistently developing and maintaining infrastructure that can support the industry’s needs in the fourth Industrial Revolution era,” Abdul Halim added.
On a separate matter, Lee Khai Loon (PH – Machang Bubuk), in his supplementary question, asked if Penang would consider implementing a fixed-term state assembly, so that the state election could only be done when the term ends, which is after five years.
Abdul Halim responded by saying the implementation of a fixed-term state assembly is subject to the amendment of the state constitution.
“As of now under the state constitution, the state assembly can continue to convene until a maximum of five years unless it is dissolved early,” he said.
Meanwhile, State Speaker Datuk Law Choo Kiang said the state assembly sitting was postponed to Nov 21 in view of the 15th General Election that would be held on Nov 19.
Story by Riadz Akmal
Pix by Muhamad Amir Irsyad Omar and Noor Siti Nabilah Noorazis