By Yasmin Ramlan
SHAH ALAM, Feb 15 — Selangor recorded RM41.55 billion in investment as of the third quarter of last year, and is well on course to surpass its overall target of RM45 billion for 2023.
State executive councillor for investment Ng Sze Han said the approved investments comprised both the manufacturing and services sectors.
According to Ng, the electrical and electronics (E&E) industry was the biggest contributor to the manufacturing sector, with RM9.7 billion.
This was followed by the fabricated metal products industry at RM2.65 billion, plastics industry (RM1.18 billion), machinery and equipment (RM865 million), and food manufacturing (RM697 million).
“For manufacturing, we have surpassed our target of RM12 billion in investment last year, amassing about RM16 billion instead,” he said, adding that the figure is also higher than the amount recorded during the same period in the previous year.
Ng said this at a press conference to announce details of the state-level Chinese New Year celebration at Invest Selangor Bhd’s headquarters, here, today.
Meanwhile, for the services sector, Ng said real estate contributed the most, with RM13.48 billion in total investment.
The information and telecommunications industry ranked second with RM5.41 billion, followed by utilities (RM1.9 billion).
Looking at these, Ng expressed confidence that the state will also be able to hit its target of RM50 billion worth of approved investment this year.
Although acknowledging the challenges ahead, he said Invest Selangor, the state’s investment promotion and advisory agency, is “going the extra mile” to ensure this goal is achieved.
“We are working very hard to attract investors to Selangor, not only foreign direct investments (FDI), but also domestic direct investment (DDI), which we consider crucial,” he said.
Previously, on November 17 last year, Ng had said that the state government is confident of achieving its target of RM45 billion in approved investment for 2023, comprising RM12 billion in the manufacturing sector and RM32 billion in the services sector.
On January 15, Menteri Besar Dato’ Seri Amirudin Shari said the state is anticipating a healthy gross domestic product (GDP) growth of between 5 and 6 per cent this year and aiming to attract RM50 billion in investment.
