Reinvestment vital for economy: CM Chow

According to Penang Chief Minister Sdr Chow Kon Yeow, reinvestment is important for the economy as it brings new job opportunities and contributes to the country’s export value.

“This is because reinvestment, in essence, brings about the same impact in terms of job and the value chain.

“I would like to urge the Federal Government to continue to grant tax incentives for reinvestment,” Sdr Chow said.

He also stated that the tax incentive matter affects potential investors to the state.

In addition, he said the country should not lose out to the neighbouring countries with regard to the tax incentives.

“We in Penang also sometimes face with this issue of the potential reinvestment not materialising due to the tax incentive issues.

“We do not want to lose out to the neighbouring countries in terms of tax incentives but at least make them (investors) more comfortable with this destination for the investment choice.

“So, hopefully, the government will consider tax incentives for reinvestment too other than giving incentives for new investment,” Chow added.

The Chief Minister also affirmed that tax incentives play a pivotal role for the investors to evaluate the destination of their investment.

Sdr Chow said the state government was also committed to supporting high-quality investments that were related to disruptive technologies, such as the Internet of Things, 5G networks, Artificial Intelligence and so on.

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