Selangor approves RM34.9 bln in investments in first half of 2024

30 Oct 2024

Selangor’s approved investment rose to RM34.9 billion for the first half of this year, state executive councillor for investment, trade and mobility Ng Sze Han revealed.

He said this involves the manufacturing and services sectors, which have shown promising growth.

“Up to June, approved investment value in both sectors rose to RM34.9 billion.

“The services sector experienced a remarkable 178 per cent surge compared to last year,” he said in a Facebook post last night, after chairing a Standing Committee on Investment, Trade, and Industry meeting.

Ng said in the meeting, he emphasised the need for all agencies to focus on facilitating investments in Selangor, especially in light of current international geopolitical uncertainties.

“This situation presents a strong opportunity for Malaysia to become a strategic destination for investors.

“For Selangor, with advanced infrastructure such as airports, ports, a comprehensive road and rail network, the state has clear added value and advantages over other locations.

“I hope all agencies will work together to implement policies and plans so that our investment figures and trade values continue to rise for the benefit of Selangor and its people.

Last year, Selangor recorded an overall investment of RM55.3 billion, outperforming initial forecasts and surpassing its initial target of RM45 billion, according to the Malaysian Investment Development Authority (Mida).

Mida had said that the manufacturing sector witnessed a noteworthy year-on-year increase, with investments totalling RM19.3 billion in 2023, compared to RM12.2 billion in 2022.

Ng had said then that Selangor has recorded a total of RM90.4 billion in domestic investment between 2021 and 2023.

During the same period, foreign investment recorded RM47.57 billion, of which RM21.53 billion was from the manufacturing sector, and the remaining RM26.04 billion was from the services sector.

Source: Selangor Journal