He said the target is practical at this time as it was made based on the prediction of the investment climate worldwide.
“Even though we had targeted an investment of RM10 billion last year, we succeeded in attracting RM16.4 billion in investments as of September 2019.
“The investment figure surpassed what we had targeted. Because of this, we are confident the target of RM12 billion for this year is also practical and achievable,” he told reporters after witnessing the signing of a memorandum of understanding between Invest Selangor Bhd and Malaysia Green Technology Corporation (GreenTech Malaysia) here, today.
The agreement was to confirm Selangor’s participation in Expo 2020 Dubai which is scheduled to be held from October 2020 until April 2021.
Meanwhile, Teng said the committee expected the main contributors to the investments this year would be the electronics and manufacturing sectors, as well as metal-based production.
Commenting on the state’s investment to the Middle East countries, Teng said the committee was focusing on expanding the services sector, besides the halal industry.
“On Selangor’s investment to the Middle East, we are focusing more on services segment as we are dependent on this sector which contributes 60 per cent to the state’s gross domestic product, besides the logistics sector.
“As for the halal industry, we are looking at opportunities to expand the services and knowledge in this sector to the region. We are planning a programme that we hope to introduce and be accepted by the Muslim countries,” he said.
The plan to develop the programme related to halal products and services to the Muslim countries would have a positive impact on the economy of Selangor as the Middle East market is huge, he added.