Penang is opening up more areas to accommodate new investors on the island and in Seberang Prai next year.
Invest-in-Penang Bhd (investPenang) executive committee chairman Datuk Lee Kah Choon said Penang Development Corp (PDC) will buy some 200ha to expand the 176ha Penang Science Park at Bukit Minyak on the mainland.
Plans are also afoot to allocate 40ha at PDC's Bayan Mutiara development on the island, he added.
"With the uncertain global economic outlook, we need to diversify our investment base and move away from just manufacturing-related investments.
"We will double our efforts in bringing in investments in trade and tourism," he told reporters in Penang yesterday after announcing an international conference to be held next month to chart Penang's new economic vision.
Lee, who is also a director of the PDC, said Penang will look to lure investors keen on recreational products like golf courses and brand-name hotels, hospitals and international schools.
He said the state government is also planning to buy land in Balik Pulau to turn into an education hub.
"Instead of focusing on our traditional markets like the US, Japan and Europe, we will now zoom in closer to home by looking for investors from Singapore, Hong Kong, South Korea and countries within the Indonesia-Malaysia Growth Triangle," Lee added.
By Marina Emmanuel (Business Times)
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