Selangor Journal
Selangor Investment, Industry and Trade, Small and Medium Industries Committee chairman Datuk Teng Chang Khim during the pocket talk on the Food and Beverages (F&B) Industry event at Concorde Hotel on March 4, 2020. — Picture by FILZAH YAMAL/SELANGORKINI

Covid-19: More investors approaching Selangor

By Ashwin Kumar

SHAH ALAM, March 5 — Selangor is still able to secure investors despite the increasing infection of Covid-19 that has impacted the global economy at large.

Selangor Investment, Industry and Trade, Small and Medium Industries Committee chairman Datuk Teng Chang Khim said investment clusters such as the electronics and electrical (E&E) and medical and pharmaceutical sectors are the strength of Selangor’s stake which could attract more investors.

“We expect more investors within our focus to invest here. China has been the world factory for the past 10 years. However, since Covid-19, the investors who are very sensitive to the current situation are somehow looking into the possibility to explore into these sectors.

“You can’t put all your eggs in one basket,” Teng said referring to China’s 10 years investment dominance.

Teng was speaking to reporters after attending the pocket talk on the Food and Beverages (F&B) Industry event at Concorde Hotel here yesterday.

He said the state government would take a “wait and see” approach to decide on whether there is a need to restructure the investment strategy for 2020.

“For now, we will stick to our target which is to achieve investments worth RM12 billion in 2020 compared to the RM10 billion last year. We have to wait at least for two to four months to see the outcome of Covid-19,” he added.

Meanwhile, when asked on whether Selangor will be introducing its own economic stimulus package, Teng said the state government has its own plans in place to face the economic slowdown.

“At the state level, we have shortened the period of applications for development approval. We also found ways to shorten the period for applications related to subdivision and rezoning of land. Hence, from the state government perspective, we have already been playing our part to ensure Selangor’s economic growth will remain stable,” he said.

The Federal Government on February 27 has allocated RM20 billion under an economic stimulus package to boost the economic slump by disbursing money to consumers and providing tax reliefs to sectors affected by the Covid-19 outbreak.

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