By Nasuha Badrul Huzaini
KUALA LUMPUR, Oct 6 — Selangor has secured some RM4.9 billion in approved investment for the manufacturing sector in the first half of the year, said Menteri Besar Dato’ Seri Amirudin Shari.
Citing data from the Malaysia Investment Development Authority (Mida), he said out of the total, RM3.3 billion is derived from foreign direct investment (FDI).
“Comparatively, Selangor received a total of RM7.5 billion in approved manufacturing investments throughout 2021. As such, the inward investment in the first six months of 2022 for Selangor is indicative of an improvement.
“We remain fairly confident that Selangor is capable of successfully reaching its RM10 billion inward investment target,” Amirudin said in his speech, during the opening ceremony of the Selangor International Business Summit 2022 (SIBS 2022) at the Kuala Lumpur Convention Centre (KLCC), this morning.
The summit was officiated by the Raja Muda of Selangor Tengku Amir Shah, representing the Sultan of Selangor Sultan Sharafuddin Idris Shah Alhaj.
Also in attendance was state executive councillor for investment, industry and trade Dato’ Teng Chang Khim.
The Menteri Besar added that Mida’s data indicated the overall appetite for global investment has improved tremendously, and that Malaysia attracted up to RM43.1 billion in investment for the manufacturing sector during the first half of 2022.
“This upward trend is supported by the economic monitoring data which revealed the global flows of FDI recovered to pre-pandemic levels in 2021, and reached US$1.6 trillion (RM7.4 trillion) in total value.
“In addition, cross-border deals and international project finances were particularly strong, which have been encouraged by easier financing conditions and infrastructural stimuli.
“Yet we remain cautious as global economic conditions remain uncertain, due to continued tensions between the United States and China, as well as the Central European energy crisis.
“The ongoing war in Ukraine is also likely to reinforce monetary tightening trends in advanced countries, following similar moves that began in late 2021 in several developing countries due to inflationary pressures, with expenditure cuts also anticipated in the upcoming Federal and state budgets,” he added.
With approximately 906 booths from 623 companies, this year’s summit at KLCC will run starting today until Sunday (October 9), with the aim of receiving some 30,000 visitors during its duration.
SIBS 2022 will showcase six main events, including the Selangor International Expo (SIE) Food and Beverages, SIE Medic, Selangor Industrial Park (Spark) Expo, the Selangor Asean Business Conference (SABC), the Selangor Smart City and Digital Economy Convention (SDEC), and the Selangor Research and Development and Innovation Expo (SRIE).
Three other events will also be held concurrently, including the Selangor International Culinary Festival (SICF), the Selangor International Healthcare Conference (SIHC) and the Asian Smart City Conference: Mayors Summit and Selangor Declaration.