By Alang Bendahara
SHAH ALAM, May 12 — Selangor continues to show its prowess as Malaysia’s premier investment destination for international investors, said state executive councillor for trade and investment Dato’ Teng Chang Khim.
He said for the first quarter of 2022, Selangor has received multiple interests from investors looking to invest in the state.
“We do not yet have the results from the Malaysian Investment Development Authority (Mida) for the first quarter (Q1) but based on the letter of no objection issued by Invest Selangor Berhad for Q1 it is estimated to be around RM7.5 billion.
“This figure is a good sign for the state as investors have shown interest hence why they sought the letter of no objection from Invest Selangor,” Teng told reporters during a press conference on SIBS 2022 held during Invest Selangor’s Hari Raya Aidilfitri open house earlier today.
However, he said the interests are subject to Mida’s approval and it does not mean everything will be agreed to by the Federal government investment authority.
Nonetheless, Teng is confident that if Selangor continues to receive the same number of investment interest every quarter of the year, the state can achieve more than its investment target.
Earlier on January 8, the councillor said he remains hopeful that Selangor’s RM8 billion investment target this year can be achieved, which is higher than the RM5.9 billion in investment Selangor received as of September last year.
On January 21, he said the state remains focused on five clusters, including electrical and electronics (E&E), life sciences, machinery, food and beverage, and transport equipment industries, to attract investors to Selangor.
To achieve its target, Teng added it will continue to conduct more creative promotions based on current development including holding online expos, as well as the hybrid mode Selangor International Business Summit (SIBS).
