By Zareef Muzammil
SHAH ALAM, Jan 2 — The Selangor government is offering various incentives to attract investors following the predicted global economic growth slowdown this year.
State executive councillor for investment Dato’ Teng Chang Khim said incentives are offered in the form of tax reductions in addition to the restructuring of premium payments that would attract investors, thus boosting the state’s development.
“The state government has actually taken into account the economic slowdown that may occur in 2023 when planning (development) projects. That is why we think providing attractive incentives is the best way,” he said when contacted today.
Teng also said that investors will be looking for lower cost developments.
“So, to attract investors, we must offer something that can reduce development costs.
“In good economic situations, we do not need to offer this kind of incentives, but due to this constraint (economic slowdown), we take up the challenge (giving incentives),” he said.
Teng added that development projects such as the Southern Selangor Integrated Development Region (Idriss), the Sabak Bernam Development Area (Sabda) and the Selangor Maritime Gate (SMG) will drive the state’s economy in the coming years.
“We hope that Selangor’s contribution to the gross domestic product (GDP) will increase to 30 per cent in 2025 with the projects involved compared to the current 24.8 per cent.
“At the same time, we hope that the project will be a success considering that it takes between three to five years to complete due to the large area,” he said.
