Wednesday, September 3, 2008

Foreign Direct Investment Setback



NST Online » Letters
2008/09/03

PENANG INVESTORS: Explain this FDI setback
By : CALVIN SANKARAN, Bkt Mertajam


I AM deeply disappointed to read Penang Chief Minister Lim Guan Eng's admission on the loss of US$1 billion (RM3.3 billion) in foreign direct investment from Samsung and his attempt to link it to calls by Penang Umno politicians to the Federal Government to scrap the second Penang Bridge.

Lim, who would like us to believe his administration is run on his much-hyped principle of competency, accountability and transparency (CAT), displays none of the attributes he preaches.

I had earlier written that due to the incompetence and inexperience of the new Penang administration, Samsung had decided to locate its new test and assembly facility at Clark, Manila, instead of Batu Kawan, Penang ("Penang investment: Inexperience caused failure" -- NST, July 14).

I wrote this after receiving confirmation from sources in Clark Development Corporation that Samsung and the CDC had started negotiations to finalise the details of the project. I was also told that Samsung made its final decision on the site location in May.

This means that Lim, who visited Samsung at the end of May, would have known Samsung's decision then. Revealing this news only now and claiming he was not informed of the Korean company's decision is highly irresponsible.

However, this should come as no surprise. Since coming to power, Lim has consistently demonstrated the unfortunate habit of blaming others for failures while being quick to claim credit for success reaped through the efforts of the previous state government and the Federal Government.

It was also reported that Samsung is planning to invest up to US$2 billion in the Clark Special Economic Zone for this project.

This is not the first FDI Lim's administration has lost and, I am afraid, it won't be the last. Further, some existing investors in Penang have started to scale down or even close their operations completely.

Instead of acting on the real causes keeping investors away, Lim has elected to indulge in political one-upmanship by assigning the blame to his political opponents.


If Lim keeps to his current ways, I am afraid Penang's reign as one of the major global electronic manufacturing hubs will soon be over, with investors heading to Vietnam, India, the Philippines or Thailand.

Lim must take responsibility for this failure and also come clean on what actually transpired.

Penangites have the right to know why FDI of such magnitude could be lost in such a manner.

In keeping with his CAT principles, Lim owes Penangites a full and detailed explanation of this incident.

4 comments:

Anonymous said...

HKL READ THIS ARTICLE:

Meanwhile, Ahmad also slammed Gerakan acting president Dr Koh Tsu Koon as a “great liar and opportunist”, and said Gerakan can always “get out from Barisan Nasional”.

He even claimed BN would not have lost in Penang in the last general election if not for the incompetency of former chief minister Koh and his party.

“MCA could have won more seats if not for Gerakan,” he claimed.

He accused Koh and Gerakan of using him as a pawn to resurrect their waning credibility, position and relevance among the Chinese community.




So EVEN UMNO SAYS KTK and Gerakan is incompetent.
If we opposition accuse you can deny, but own component party has said Gerakan is useless and KTK in incompetent.

HAHAHAHAHAHA

If I were you HKL, I would shut my embarassing mouth

Rest my case for now

Anonymous said...

Penang Warrior, the Pakatan Rakyat sympathizer support Ahmad Ismail when it is to their convenience, HKL is correct Pakatan Rakyat practise double standard, Pakatan Rakyat is a shameful coalition of parties for their own selfish interest.

Anonymous said...

no, not supporting Ahmad, its HKL who is blaming DAP for reporting Ahmad to police. So who is supporting Ahmad? So obvious HKL is protecting Ahmad for some unknown reasons ( i think I know why, hehe)

But what its your own party people call Penang BN leader a great liar, its just shameful to lead when your followers whack you until so shameful. Tak tahu malu kah KTK!

Anonymous said...

Penang warrior, you should examine yourself, it was HKL who reported Ahmad Ismail, DAP followed him two days later.