Exco: Selangor chasing ‘spillover’ industries, not just investments alone
01 Mar 2024
State investment, trade, and mobility committee chairman Ng Sze Han today said the Selangor government is focusing on attracting industries that will have a spillover effect in the state.
Ng, who is also the Kinrara assemblyman, was responding to a supplementary question by Hulu Kelang assemblyman Datuk Seri Azmin Ali on why Selangor has lower total investment compared to Penang and the Federal Territory Kuala Lumpur last year.
“The most important thing is not to say that the amount of investment is not important, it is important, I agree. But it is not everything because the Selangor state government is focusing on industries that will enter and will give a spillover effect that can create job opportunities with higher wages, can create a more complete ecosystem chain so that we can bring SMEs and the manufacturing sector, services the other in Selangor will go with the investment that goes into Selangor. This is the main focus,” he said during the question time in the state legislative assembly sitting.
Ng said Penang could attract as much as RM71.8 billion last year because of its complete semiconductor ecosystem.
With that, Ng said the Selangor state government will announce its plan on the semiconductor industry in order to attract more investment to the state.
“Penang got a high investment as a result of their complete semiconductor industry. and the Selangor state government will announce a plan soon for the semiconductor sectors to be announced by the menteri besar and I am sure we can share this good news with all the Selangor residents” he said.
Yesterday, the Malaysian Investment Development Authority (MIDA) announced that Penang, Kuala Lumpur, and Selangor recorded the most investment in the country. Kuala Lumpur recorded RM58.3 billion and Selangor recorded RM55.3 billion.
Ng said as of September last year, Selangor raked in RM47.57 billion with the manufacturing sector contributing the highest.
“Since the past three years, 2021 until September 2023, a total of RM47.57 billion in foreign investment capital has entered the state of Selangor.
“Of this amount, RM21.53 billion is for the manufacturing sector and the rest is RM26.04 billion for the service sector. Overall, the total foreign investment capital in 2021 is RM1.99 billion, RM30.17 billion in 2022 and RM15.4 billion in 2023 until September. The main contributor to the manufacturing sector was electrical and electronics,” he said.
Source: Malay Mail
