GEORGE TOWN: Invest-in-Penang Bhd, the state government's engine for promoting domestic and foreign investments, is here to stay, says Penang Chief Minister Lim Guan Eng.

Refuting press reports that the organisation set up to take over the responsibility for investments from the Penang Development Corporation (PDC) was to be disbanded, Lim said it would not happen while the Pakatan Rakyat (PR) government was in power in Penang.

"InvestPenang is here to stay as the organisation has been effective in attracting investments into the state.

"I want to deny and rebutt again very firmly, that as long as the PR government is in power, investPenang will stay," Lim said after chairing the investPenang board meeting.

"If the state government is going to dissolve investPenang's operations and have its investment promotion functions restored to the Penang Development Corporation (PDC), then there is no reason for the board of directors of investPenang to convene a board meeting today to deliberate on next year's plans for investPenang.

"InvestPenang will focus on helping the state government to transform Penang into a high income economy.

"In fact, there are plans to further promote Penang globally and we will embark on investment missions to the Middle East, Iran, India, China, Japan and Korea," said Lim.

He said investPenang will concentrate on promoting investments into Penang with extra focus being given certain sectors of manufacturing including software development, renewable energy and halal hub.

InvestPenang will continue its role as facilitator especially for SMEs that are setting up base here.

"While manufacturing and manufacturing related services investments will remain as the main focus, investPenang has also expanded its portfolio to include the promotion of investments in the services sector including investments in health care, tourist attractions which also comprise hotels and resorts, international education and property development especially Malaysia my Second Home (MM2H) programmes.

"It will also focus on three institutions to propel Penang as the centre of excellence for macro electronics, innovation in biotech and medical devices and health care," Lim added.

He said the organisation will remain as a not-for-profit organisation funded by the state government and PDC.

"The state government has already set up advisory panels for the industry and services sectors, comprising mainly representatives from key professional bodies, industry associations and chambers of commerce.

"The two advisory panels have been advising the state government on important issues that need to be addressed in the industry and services sectors as well as direction of growth of both sectors," Lim added.

Lim assured the 20-odd staff at investPenang that the state government also was looking at enhancing their remuneration with the organisation and also look at hiring new staff to strengthen the work force at investPenang.