Selangor Unfolding Its Business Potential At MIDA Invest Series 2024
Kuala Lumpur, 25 July 2024 – The Malaysian Investment Development Authority (MIDA) and Invest Selangor Berhad (ISB) co-hosted the MIDA Invest Series – Selangor: Unfolding Its Business Potential, a collaborative event aimed at showcasing the state’s investment landscape and opportunities. The event held at the Kuala Lumpur Convention Centre, attracted 200 participants, featuring leaders from local and international industries, industrial developers, government representatives, entrepreneurs, and senior executives from a wide range of sectors, including the manufacturing and services sectors.
The event commenced with a warm welcome from Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid, Chief Executive Officer of MIDA. This was followed by insightful remarks from YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry (MITI), and a keynote address by YAB Dato’ Seri Amirudin Bin Shari, Chief Minister of Selangor.
Three dynamic sessions followed, each highlighting Selangor’s remarkable success stories, aspirations from key leaders at MIDA and Invest Selangor, and the future of industrial park development in the state. Esteemed speakers from relevant state agencies led these sessions, providing invaluable insights.
YAB Dato’ Seri Amirudin Bin Shari, Chief Minister of Selangor in his address, said “SPARK 2024 Expo and MIDA Invest Series: Selangor Edition forum are being done concurrently, to provide an opportunity for investors, to obtain pertinent information and to meet the federal and state government for consultation sessions on project implementations. I welcome (investors) to optimise your time in these three days to meet and discuss your projects with Invest Selangor and MIDA officials, as well as the relevant local authorities and technical agencies.”
YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry highlighted, “Selangor has performed commendably, attracting RM12.4 billion of approved investments for Q1 2024. Through significant investments over the years, the state’s manufacturing and export industries have also grown steadily. Selangor now offers a variety of products and services, as it continues to establish itself as a hub of innovation and growth in Malaysia. All these bode well for Malaysia’s ambition to establish itself as a regional manufacturing and services hub, and Selangor plays a crucial role in helping us achieve this goal. As we move forward, we must build on this momentum and leverage Selangor’s strengths to drive Malaysia’s growth and development towards becoming a high-income economy by 2025.”
Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid added, “Following the success of the first Invest Selangor series back in August 2019, we are excited to witness the growth and expansion of this initiative in 2024. This year’s event, in collaboration with the Selangor Investment Industrial Park Expo, or SPARK, represents a significant advancement in our efforts. The collaboration with Invest Selangor Berhad (ISB) is instrumental in broadening our outreach and strengthening Selangor’s position as an investor’s magnet. This expansion signifies our unwavering commitment to elevating Selangor’s status and creating an even more attractive proposition for investors.”
Selangor’s strength lies in its strategic geographical position, abundant natural resources, and well-developed transportation network. Home to three major ports and an international airport, Selangor serves as a crucial air and sea transport hub, attracting significant interest from investors. The state’s mature agricultural sector and monopolised trade fairs further enhances its economic appeal
In the first quarter of 2024, Selangor secured RM3.1 billion in approved investments, with contributions from 74 projects, poised to create 4,206 potential employments in the state. This early success indicates a promising year ahead, solidifying Selangor’s position as a top destination for both foreign and local investments.
As of 2023, the state of Selangor contributed 25.9% to the national GDP and exceeds the national growth rate. Selangor remains a vital contributor to Malaysia’s GDP, with its main trade flow accounting for 17.67% of national exports. The state’s economic contributions are driven predominantly by the manufacturing sector, particularly Electrical & Electronics (E&E) such as semiconductors, positioning Selangor as one of the major exporters in the country. Selangor’s impressive investment achievements underscore its strategic importance and economic resilience.
Recognising the need to boost output and income, the Selangor Government implemented the Selangor Development Plan 1 (RS-1) from 2002 to 2005. The plan aims for Selangor to become a Smart, Livable, and Prosperous state by 2025. This comprehensive initiative underscores the state’s commitment to sustainable and inclusive growth, emphasising high-tech industries and infrastructure development, such as a comprehensive highway network and a mature ICT industry.
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About MIDA:
MIDA is the Government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA today has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram and Facebook, LinkedIn, TikTok and YouTube channel.
About Invest Selangor Berhad:
Invest Selangor Berhad (ISB) is the state government agency responsible for promoting and facilitating investment in Selangor, Malaysia. With its commitment to providing investors with the ease of doing business, ISB ensures investors have a hassle-free investment journey. The agency offers a comprehensive suite of services, including site selection assistance, investment facilitation and aftercare services. ISB is dedicated to providing investors with a conducive business environment, which includes streamlined procedures, efficient services, and access to industry insights and networks. This commitment to investors ease of mind has made Selangor an attractive investment destination for local and international investors. With ISB’s support, investors can focus on their business operations and leave the administrative matters to the agency, giving them the peace of mind they need to grow their investments in Selangor.
FOR MORE INFORMATION, PLEASE CONTACT:
Malaysian Investment Development Authority (MIDA)
En. Sukri Abu Bakar
Director, Domestic Investment Division
Email: [email protected]
DL: +603-2267 3685
Invest Selangor Berhad
Nur Azyyana Abu Bakar
Senior Manager, Strategic Planning and Communications Division
Email: [email protected]
DL: +603 5510 205
