Penang State Legislative Assembly Opposition Leader Jahara Hamid (BN-Teluk Ayer Tawar) expressed her concerns about the downward trend in the investments sector of the state.

Jahara asked what were the outcomes of the state’s 18 overseas investment missions that were carried out this year.

She wants the state government to provide her with the names of delegates who went for the trips, and to reveals the outcomes of those missions.

“What has the state done to address this downward trend in investment?” she asked in the State Legislative Assembly today.

"We are afraid this phenomena will continue until investment becomes zero or negative," she cautioned.

According to the Malaysian Investment Development Authority (Mida), Penang was the top destination for investments in 2010 and 2011.

However, since 2011, Penang never regained its top spot and was sixth in 2012, fourth in 2013, third in 2014 and fifth in 2015.

In his response, Deputy Chief Minister I Rashid Hasnon said the total accumulative investment for Penang, from 2008 to 2016, was RM54 billion.

“Comparing apple to apple, the numbers have almost doubled. The total accumulative investment under BN’s time (prior to 2008) was RM29 billion,” Rashid said.

“Foreign Direct Investment figures fluctuate, but based on total accumulative investment, we managed to achieve double the figure after 2008,” he added.

Rashid said he would provide Jahara with the details of the 18 overseas mission and its outcome.

He reminded her that he was not the only state executive councillor who went on the trips, but other colleagues helped out as well.

Rashid was also asked about the six multinational companies that retrenched workers this year, with some ceasing operations in the country.

The Pantai Jerejak assemblyperson said the state was monitoring the event, and up to now, retrenchment figures remained at 1,900.

Shah Headan Ayoob Shah (BN-Teluk Bahang) asked the state to explain the “real reason” behind multinational companies closing shop in Penang.

Rashid gave the example of the obsolete Nokia handphones.

"Do you see it around anymore? When a product is obsolete, when there is no more market value, companies will make changes, in manufacturing and technology,” Rashid said.

“In Penang, we also shifted from focusing on the manufacturing to the service sector. It was a big shift of about 50 percent,” Rashid added.