Penang leads: CAT or just bull?
March 17, 2011
http://www.freemalaysiatoday.com/2011/03/17/penang-leads-cat-or-just-bull/
FMT LETTER: From Calvin Sankaran, via e-mail
For Penang, the future looks golden. Records are falling like ten-pins, accolades are pouring in. Investors are stampeding in at a record pace – with 2010 seeing a gargantuan 465% increase over the previous year. And for the first time ever, Penang proudly perched at the No 1 position in Malaysia for attracting investment, a huge leap from the 4th place in 2009.
The state’s financial health looks very robust and is at an unprecedented high too – reaching RM1.025 billion in accumulated funds in 2009.
Revenues are up in tandem, climbing to RM376 million. As the icing on the cake, the northern state also chalked up a budget surplus of RM77 million for the same period.
Much also has been reported about the stunning turnaround of the previously loss-making MPSP (Majlis Perbandaran Seberang Prai). After suffering from eight years of consecutive deficits, MPSP has managed reverse this trend in 2008, when Pakatan took over the state administration.
In 2009 MPSP had recorded a surplus of RM14.57 million and saw an increase of 50% in its reserves.
These achievements [...]
