SEOUL, May 14 (Reuters) - SK Hynix is on the verge of topping a $1 trillion market value, just weeks after Samsung Electronics crossed the milestone, as strong demand for artificial intelligence places South Korea at the heart of Asia's AI boom.
GEORGE TOWN: The Penang government is strengthening the state's coffers without burdening the people through abrupt tax hikes or service charge increases, says Chief Minister Chow Kon Yeow .
He said the state was taking a holistic, integrated and targeted approach to ensure its financial position remains strong and sustainable in the long term, particularly as the rakyat continue to face rising living costs.
"Among the strategic measures prioritised is improving revenue collection efficiency by enhancing collection systems and stricter enforcement on arrears. "The state government is also optimising the use of its assets through disposal, leasing and redevelopment of unproductive holdings to generate higher returns," he told the state assembly meeting here on Thursday . Phee Syn Tze had asked about the measures taken to boost state revenue without placing additional financial pressure on the people.
Chow said efforts to strengthen value-added sectors were also being intensified through strategic investments, particularly in high-tech manufacturing, modern services and tourism. He added that the state government was also focusing on diversifying revenue sources prudently without resorting to tax or service charge increases.
"At the same time, fiscal governance continues to be strengthened through the implementation of a zero-based budgeting approach, high-impact spending, integrated financial performance monitoring, as well as enhanced transparency and accountability through audits and periodic reporting," he said. He said the approach was aimed not only at increasing state revenue in the short term, but also at building a more resilient, inclusive and sustainable financial foundation while keeping the people’s wellbeing as the priority.
On the role of government-linked companies , Chow said they served as catalysts for economic growth through strategic projects, infrastructure development and the provision of public facilities. Although GLCs were not direct contributors to state revenue through tax collection, he said their economic activities indirectly contributed to higher state income.
He added that Chief Minister Incorporated played a more direct role in revenue generation through the management and optimisation of state assets, including rental collection, lease returns and the implementation of Request for Proposal methods. Chow said CMI contributed RM6.41mil in revenue to the state government in 2024, with the figure rising to RM54.2mil last year.
"The increase reflects the effectiveness of asset management strategies to strengthen the state’s economic and financial foundations sustainably without affecting the people’s wellbeing," he said. Preserve Sabah's rights, get border laws in sync before enforcing AKPS, says lawyers groupShop helper fined RM3,800 for having unlicensed air rifleOpen burning burns through K'tan fire department's budget
State Assembly Chow Kon Yeow Revenue Collection Systems Arrears Enforcement Strategy Diversification Zero-Based Budgeting Performance Monitoring Financial Position Glcs Chief Minister Inc
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