State’s manufacturing sector attracts RM100 bln in foreign investments since 2008
05 Jul 2024
Selangor recorded a staggering RM100.38 billion in approved foreign investments in the manufacturing sector from 2008 to the first quarter of this year, the State Legislative Assembly heard today.
According to state executive councillor for investment Ng Sze Han, these investments helped create a total of 169,775 job opportunities in Selangor involving 1,955 approved projects.
He said these data were obtained from the Malaysian Investment Development Authority (Mida)
“For 2025, Selangor’s investment forecast can only be made after evaluating the current potential investments,” he said.
Ng was responding to a question from Pandamaran assemblyman Leong Tuck Chee regarding the state’s investments between 2008 to 2024 and its projection for next year.
Commenting further, Ng said the state investment arm, Invest Selangor Bhd, is currently overseeing 63 foreign investment projects that are in the final phase before proceeding to the lease-purchase agreement process.
He projects these investments to contribute an additional RM8 billion to the state.
“These projects have gone through the site visit phase and the total potential investment is approximately RM8 billion.”
Previously, in March, Mida had said that Selangor recorded RM55.3 billion in total investment last year, exceeding its initial target of RM45 billion.
It noted that the manufacturing sector saw a marked increase in investment from RM12.2 billion in 2022 to RM19.3 billion in 2023.
Source: Slenagor Journal
