Penang attracted RM10.8 billion in approved investments in 2017, coming second to Johor, which topped the national list because of its flourishing oil and gas industry.

Chief Minister Lim Guan Eng said Penang fared about 150 percent better in 2017, compared with 2016, when it attracted only RM4.3 billion in investments, which were mainly focused on the manufacturing sector.

He said Penang's performance for last year, and for the past 10 years since his government took over the reins of the state, was "impressive".

Lim showed investment figures for the years 2008 to 2017 with the state under Pakatan Harapan, compared with the 10 years (1998 to 2007) under BN, led by Gerakan.

In the last 10 years, Penang scored a total of RM70 billion in investments compared with RM36.9 billion for the previous 10 years under BN, he noted.

"This government made a 90 percent improvement in terms of investment compared to the previous one," Lim told a press conference in Komtar today.

As for foreign direct investments, he said Penang fared the best, compared with the other states in the past seven years, at RM8.5 billion.

The figures showed the tremendous confidence of foreign investors in Penang, he said.

"This also proves that all the allegations of factories shutting down and workers losing their jobs are not true.

"There are more factories opening up than shutting down. On the ground, the people do not talk about not being able to get jobs, but that the cost of living is high," he added.

Emphasis on quality investment

Lim said Penang emphasised on quality investment, not quantity, and focused on high technology, knowledge-intensive and value-added industries.

"In spite of the very challenging economic climate in the past few years, we performed well and will continue to do so, as we give more space to more industries to come and invest in Penang, especially in the service sector," he said.

Asked what were the factors behind the good investment performance in Penang, Lim said one of the reasons was "political stability and good governance".

He also noted that investors cherished a government that focuses on solving problems, one that has a strong team and a talented workforce.

Asked his expectation for investment figures for this year, Lim said: "We will tread cautiously, with perhaps RM6 billion.

"This year will be more challenging, with the general election around the corner. Whether we will achieve this or not, we will wait and see."