KUALA LUMPUR: The Penang Light Rail Transit (LRT) Mutiara Line project is poised to significantly improve mobility, reduce traffic congestion and bolster economic and tourism sectors while aligning with the Silicon Island initiative to establish Penang as a top destination for high-tech investors.
State Executive Councillor for Infrastructure, Transport and Digital, Zairil Khir Johari said this transformative infrastructure project has the potential to be a catalyst for Penang’s rise as it bridges geographical gaps as well as propels Penang into the spotlight, showcasing its potential as a prime investment destination.
He also highlighted recent reports of investors shying away from Singapore due to the escalating cost of operating businesses there and in this context, Penang has ready infrastructure to offer itself as an alternative to Singapore.
“In the shifting landscape of global investment, Singapore’s soaring operational costs have cast a shadow over its once-prominent allure.
“As investors retreat from the Lion City, Penang emerges as a compelling and attractive alternative with its well-established infrastructure. The LRT project will further boost Penang’s image to attract investors,” Zairil said.
Additionally, the LRT is said to provide efficient transportation and environmental sustainability by reducing carbon emissions and supports the goals of the National Energy Transition Roadmap and Penang 2030 vision.
Zairil said the LRT project has been on the drawing board of the Penang state government for 9 years and has gone through all the necessary processes and critical approvals, such as the Railway Scheme and Environmental Impact Assessment.
Meanwhile, Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the project will have a positive spillover effect on the state’s economy.
“The construction job will provide jobs for the local contractors, resulting in higher demand for building materials such as steel, concrete and machinery, among others.
“Upon completion, the LRT infrastructure would help to ease traffic congestion, reduce travelling time during work commutes and perhaps also reduce carbon emissions along the way,” he added.
— BERNAMA
