Selangor convinced RM45 bln investment target to be met by year-end

Selangor convinced RM45 bln investment target to be met by year-end

17 Nov 2023

Selangor is confident of achieving its target of RM45 billion in approved investment for 2023, said state executive councillor for investment Ng Sze Han.

This comprises RM12 billion in investments in the manufacturing sector and RM32 billion in the services sector.

In his wind-up speech for the 2024 Selangor Budget during the Selangor State Legislative Assembly sitting today, he noted that up to June, the state had already approved 657 projects from these two sectors, with a RM29.72 billion investment value.

“This recorded investment value has already exceeded half of our projection,” Ng said.

The approved investments involve 114 manufacturing projects with a total investment value of RM 14.75 billion, surpassing the state’s targeted projection for the year.

In the services sector, 543 projects were approved in the first six months of the year, with a RM14.96 billion investment value.

“Based on the encouraging investment momentum and performance, the Selangor government is confident the projected total investment can be achieved by the end of 2023,” he said.

Ng also clarified misconceptions regarding the Integrated Development Region in South Selangor (Idriss), stressing the state government has never committed to completing all projects under the initiative within five years.

“Most of these projects are privately owned, and the government’s role is to offer incentives and support for their timely implementation.

“Our focus is on facilitating these projects to drive regional growth, even though completion may extend beyond five years,” he said.

Ng added these projects will need proper approval from the respective technical agencies to avoid any negative impact on surrounding communities.

On a separate matter, Ng said the state, through its subsidiary Invest Selangor Bhd, will help local firms meet the requirements of free trade agreements, like the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

This is meant to help local enterprises flourish and be able to export their goods to the international market.

“The state government also actively collaborates with the Malaysia External Trade Development Corporation (Matrade) to assist Malaysian exporters in developing and expanding their export markets.

“Programmes like the Selangor International Business Summit (SIBS) and Selangor Aviation Show (SAS) have received endorsements from Matrade, meaning exhibitors can apply for the Federal’s Market Development Grant,” he said.

Source: Selangor Journal