GEORGE TOWN, Nov 20 — Penang has recorded total investments of about RM15.78 billion as at September this year, Penang Chief Minister Chow Kon Yeow told the state legislative assembly today.

The Padang Kota assemblyman said Penang logged RM17.3 billion in total investments for the whole of 2024, based on data from the Malaysian Investment Development Authority (MIDA).

“According to the Department of Statistics, for the year 2024, the export value through the Penang port was recorded at RM60.8 billion, while the Penang International Airport (PIA) recorded an export value of RM411.1 billion,” he said in reply to an oral question from Bukit Tambun assemblyman Goh Choon Aik.

For this year, he said export value through the Penang port from January to August stood at RM37 billion, while exports via the PIA totalled RM310.9 billion.

“Since we only have data up to August, the numbers are still behind compared to 2024 figures, which are for the full year,” he added.

Responding to Goh’s question on Penang’s long-standing request for the federal government to channel 20 per cent of tax revenue collected from the state back to Penang, Chow said he had raised the matter repeatedly through parliamentary questions, debates in the Dewan Rakyat and media statements.

“When responding to my question in the Dewan Rakyat on August 25, the deputy finance minister stated that they would bring the motion for review under the Federal Constitution, following my proposal, and that it is necessary for the federal government to review and improve the current federal–state revenue-sharing model practised across all states,” he said.

He said that during his debate on the 2026 Budget on October 15 in the Dewan Rakyat, he again stressed that the time had come for a transparent agreement between the federal government and the states on revenue-sharing arrangements.

He added that during the 147th meeting of the Menteri Besar and Chief Ministers on October 7, a proposal to review the federal–state revenue-sharing model via the establishment of a federal–state grant commission was rejected from being tabled.

“So, Penang suggested that a special commission be established to study this proposal, not only for Penang but for all states in Malaysia,” he said.

Meanwhile, in response to a question from Kebun Bunga assemblyman Lee Boon Heng on the state’s strategy to boost revenue, Chow said the state budget consists of two components — revenue and expenditure.

“If we focus on expenditure, we will worry and look at allocations such as iSejahtera, which increases every year as the number of registered senior citizens continues to grow in our ageing society,” he said.

He said the state must concentrate on generating revenue to ensure a balance with expenditure.

“It seems that this year, after tightening and closely monitoring expenditure and revenue since 2024 and 2025, we are beginning to see a glimmer of hope at the end of the tunnel,” he said.

“The light at the end of the tunnel suggests that by 2026, perhaps 2027, we may improve the state’s financial position,” he added.

Chow also reiterated his commitment that, by the end of his tenure, he would ensure RM1 billion remains in the state consolidated fund.