Selangor attracts RM12.4bil investments in 1Q24
26 Jul 2024
Selangor attracted RM12.4bil in investments in the first quarter, a 66.8% hike from RM7.44bil recorded during the same quarter of last year.
These investments are expected to create 29,000 new jobs for Malaysians.
Selangor Mentri Besar Datuk Seri Amirudin Shari said the state government will continue working with partners such as the Investment, Trade and Industry Ministry and the Malaysian Investment Development Authority (Mida) to achieve its targets including to become a RM500bil economy in the next two to three years.
“To go about achieving that, we cannot rely purely on services, but reinvigorate Selangor’s manufacturing capacity, to not only fulfill local needs but also for a bigger South-East Asian and the larger Asian markets,” he said at the Mida Invest Series–Selangor: Unfolding Its Business Potential event.
Mida reported that as of 2023, the state contributed 25.9% of national gross domestic product and 17.67% of national exports.
“The state’s economic contributions are driven predominantly by the manufacturing sector, particularly electrical and electronics such as semiconductors, positioning it as one of the major exporters in the country.
“Selangor’s impressive investment achievements underscore its strategic importance and economic resilience,” it said.
Source: The Star
