By Danial Dzulkifly
SHAH ALAM, Aug 8 — State government-linked companies (GLCs) must explore new ventures and adopt good practices to ensure Selangor achieves its goal of becoming a RM500 billion economy.
Menteri Besar Dato’ Seri Amirudin Shari said although the Selangor State Development Corporation (PKNS), for instance, has maintained its mission to provide affordable housing for Selangor citizens, it must look towards other profitable ventures to meet its goals of improving social mobility for residents.
This, he said, aligns with the state’s ambitious five-year development plan, the First Selangor Plan, which focuses on investment and the development of complex industries, incorporating green initiatives such as renewable energy and net-zero emissions.
“As I constantly remind my team, it is crucial we not only succeed in our endeavours but also demonstrate to the public that we can deliver tangible results. Simultaneously, we bear the responsibility of ensuring the Malaysian economy remains on the right track.
“We are a major contributor to the national economy, contributing more than a quarter to Malaysia’s gross domestic product in 2023, at 25.9 per cent.
“We must maintain this level of economic activity, retain all possibilities, and ensure that we stay in a positive position to achieve economic development and enhance public welfare and community well-being in the region,” he said in his keynote address at the 60th anniversary celebration of PKNS at the Shah Alam Convention Centre here today.
Amirudin said similar to PKNS’ achievements over the past six decades, the state must draft plans for the next century or two to ensure continued success.
“Our government and management must start now to look beyond the present and move forward to ensure that PKNS’s status as the best state development corporation in the state and the country is maintained.
“We must compare our performance not only with other state GLCs in the country, but regionally as well,” he said.
Amirudin reiterated his administration’s commitment to uplift the people in the state through various initiatives as well as major economic projects such as the Integrated Development Region in South Selangor, the Sabak Bernam Development Area and the Selangor Maritime Gateway.
PKNS group chief executive officer Datuk Mahmud Abbas said the company is committed to ensuring its competitiveness by venturing into sectors beyond its traditional property development.
He cited PKNS’s projects in waste-to-energy power plants as well as the development of the Pulau Indah Power Plant as examples of the firm’s new ventures.
He also described PKNS as being a conglomerate now as it will continue to diversify its business portfolio.
Mahmud, however, assured the company’s original mission to provide affordable homes for Selangor residents will remain, and that it would continue seeking profitable means of financing these developments, as well as other projects that contribute to the social mobility of the Selangor people.
“When we first started, we were building low-cost housing. Although we have moved into many areas of business, our DNA of building affordable homes for the people remains. Our target of having 10,000 affordable homes by 2030 is on track.
“However, in this new era, we can’t limit ourselves to building low-cost housing; it requires us to move into high-end products to sustain ourselves.
“We spend more than RM60 million a year for our corporate social responsibility projects, which requires substantial income to cover costs and allow growth, so we must carry out certain privatisations and joint ventures.”
Moving forward, Mahmud said PKNS needs “good partners” that can deliver.
“Along the way, we have to be selective, but we hope that as we progress, we will find the right partners,” he said in his speech.
