SHAH ALAM, March 2 — Selangor has again recorded the highest amount of approved investment at RM38.7 billion in the country last year, said Selangor Investment, Industry and Trade, Small and Medium Industries Committee chairman Dato’ Teng Chang Khim.
He said Selangor was also the country’s largest recipient of investments in the manufacturing sector for 2020 at RM18.4 billion.
“Selangor is the champion for three consecutive years by ranking number one again in recording the highest total amount of approved investment (RM38.7 billion) in the country and also for the manufacturing sector (RM18.4billion) in 2020.
“The numbers for the three years are the highest in the past 27 years,” Teng said on his Facebook page today.
According to a statement released by the Malaysian Investment Development Authority (Mida) today on the Malaysian Investment Performance 2020 published today, Selangor’s top rank total approved investment of RM38.7 billion was followed by Sabah (RM21.0 billion), Sarawak (RM19.6 billion), Federal Territory of Kuala Lumpur (RM17.1 billion) and Penang (RM16.0 billion).
It said the top five states contributed more than 60 per cent of the total approved investment for the country in 2020.
“These investments are expected to create 114,673 new jobs in various sectors of the economy once implemented,” Mida said.
It added that the country recorded a total of RM164 billion in approved investments through 4,599 projects in the manufacturing, services and primary sectors in 2020.
However, according to a report on Reuters today, the country’s foreign direct investment (FDI) suffered a setback by falling 56 per cent to RM13.9 billion last year as a result of the Covid-19 pandemic.
The country’s economy, it said, had contracted 5.6 per cent last year, marking its worst performance since a 7.4 per cent fall in 1998 during the Asian Financial Crisis.