22 August 2019, Subang – “In the first half of this year, Selangor recorded RM5.9 billion of total approved investment in the manufacturing sector, 90.3% higher compared with RM3.1 billion, approved in the same period last year. Of this, RM3.8 billion were from foreign investments, representing 64 per cent of Selangor's total approved investments in the manufacturing sector for the period of January to June 2019,” said YB Dr Ong Kian Ming, Deputy Minister of International Trade and Industry (MITI) at the Selangor Investment Seminar 2019, today. The event was organised by the Malaysian Investment Development Authority (MIDA) in collaboration with MITI and Invest Selangor Berhad.
YB Dr Ong highlighted that a combination of an effective policy framework, a well-developed infrastructure and the provision of education and skills training were among the key instruments that provided a conducive framework to attract investments into the State. “Continued interest by investors had enabled Selangor to register a remarkable level of reinvestments by local and foreign companies. As at June 2019, 3,381 or 36.9% of Selangor’s manufacturing projects approved were in expansion or diversification activities,” he said.
The Deputy Minister of MITI urged companies to stay abreast with technological changes. He said, “I understand that most companies, especially the SMEs, are cautiously optimistic in adopting new technologies as it requires additional investment. However, with the rapid pace of technological changes happening around us, local businesses have to act now or risk being left behind. To stay relevant, companies should be investing in three areas namely automation, skilled talent and upskilling as well as innovation.”
In early August, MIDA had successfully organised the MIDA Invest Series: Unfolding Selangor’s Business Potential at MIDA HQ and received an overwhelming response from the business community. The momentum continued with the attendance of more than 500 participants in the Selangor Investment Seminar 2019 held today.
The Seminar featured a presentation by Dato' Hasan Azhari, CEO of Invest Selangor, followed by breakout sessions on the transformation towards automation technology, talent development, funding and financial assistance, and market access. The event also featured a sharing session from Spirit Aerosystems Malaysia and Kawan Food Manufacturing who have benefited from the assistance and facilitation provided by the Government.
The moderators and speakers involved were from Invest Selangor, FMM, ACCEL Graphic System, Mega Fortis, SIRIM, MIMOS, MPC, Jabatan Pembangunan Kemahiran, MDV, MIDF, EXIM Bank, Standards Malaysia and officials from MIDA.
MIDA is the government's principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Starting operations in 1967 with a relatively small set up of 37 staff, MIDA has grown to become a strong and dynamic organisation of over 700 employees. Headquartered in Kuala Lumpur Sentral, MIDA today has 12 regional and 20 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 Twitter, Instagram and Facebook, @OfficialMIDA.
For more information, please contact:
Mr. Abdul Fatah Mohamed Rafaie
Domestic Investment & Supply Chain Division, MIDA
Tel.: 03 2267 3766
Email: [email protected]