By Nasuha Badrul Huzaini
SHAH ALAM – The state government has reduced its investment target for this year to RM8 billion from RM12 billion last year due to economic uncertainties.
State executive councillor for trade and investment Dato’ Teng Chang Khim said the decision was made following the fact that the constantly mutating Covid-19 virus is yet to be fully suppressed.
“The new variants pose higher infection risks and as most of the countries in the world have yet to reopen their borders, we have decided to be more cautious and conservative in predicting the investment value for this year.
“The Covid-19 pandemic has hindered our efforts to explore the investment opportunities in other countries.
“Even though several trade missions have been planned for this year, the possibility of them being postponed or cancelled is high as air travel is still risky.
“Having said that, the postponement would definitely affect the value of investment in Selangor,” he said during a press conference at the Selangor State Secretariat Building on Jan 21.
Teng, however, said Selangor would remain focused on five clusters which have become the biggest contributors to investment in the state.
“The clusters are the electrical and electronics (E&E) industry; the life sciences industry; the machinery industry; the food and beverage industry and the transport equipment industry. All of these sectors are already being included in the Selangor Industrial Master Plan,” he said.
Teng added that the state government will also reconsider its participation in the Dubai World Expo which is expected to be held in March.
“During the State Executive Council Meeting (on Jan 19), we discussed whether to proceed in organising the Selangor Week programme at the Malaysian pavilion, or to cancel the event.
“As of now, the decision is to reduce the state’s entourage but we will continue to monitor the progress of the event before making a final decision.”
