The Pakatan Harapan assemblyman for Air Putih said it can start by wooing high-tech, value-added and transfer-of-technology type of companies so they can offer high-paying salaries to the people.
He said Penang is already well-known as a hub for shared services and manufacturing, especially in the electrical and electronics sector.
“Many affected by the trade war have realised that their global supply chain has to be realigned to adjust to the unpredictable world economy.
“Penang has a lot to offer which can help them in the trade and investment diversion. If we can get a hold of this, the payoffs to the state would be great,” the former chief minister said during the debate on the 2020 Supply Bill at the state assembly today.
Lim said Penang should expand its industrial land to meet future demand.
He said that when he was the chief minister, the Penang Development Corporation managed to get a RM1.5 billion loan from CIMB Bank to expand its land bank in early 2018.
It was the first loan of its kind given to a state government by a local bank.
Lim also said that to make things easier for all states in Malaysia, Putrajaya has opened “special channels” to boost foreign direct investment (FDI) from China.
China’s FDI currently stood at US$5 billion, which he said was lower compared to the US$12 billion FDI by the United States.
“There is plenty of room for China to catch up with the US in terms of investment,” he said.
Lim said many investors he met in the US recently were keen to come to Malaysia, with some prepared to pour as much as US$1.5 billion into Penang, and significant amounts to other states as well.
“They are looking to settle in a place where they are safe from the trade war.”
Besides the US and China, he said, India and the European Union countries, especially the Netherlands, were showing interest to invest in the country.
‘Stop spreading rumours of new airport in Penang’
Lim denied rumours that a new regional airport would be built in Seberang Perai.
He said people were asking why Penang International Airport (PIA) was being upgraded when a new airport was coming up.
“I want to say here on record that PIA’s upgrade would be carried out and not slowed down,” he said.
He said even the prime minister and the transport minister had never heard of plans to build a new airport on the mainland. “I, too, was not briefed about this.”
In June, a report said two regional airports had been proposed by a private company in south Seberang Perai and, in return, the Penang government would surrender the PIA and its surrounding land in a swap arrangement.
Lim also said the new Kulim airport would not adversely affect PIA. In reality, he said, PIA was already facing competition from Langkawi International Airport.
“Why is Penang so worried about competition from other airports? We must be confident that PIA can compete with other airports,” he said.