Selangor drew most investment projects in Malaysia for fifth straight year in 2021, says Invest Selangor
13 Apr 2022
Selangor continued to receive the highest number of manufacturing projects and created the highest employment opportunities in Malaysia despite 2021 being a challenging year, according to Invest Selangor.
In a statement on Wednesday (April 13), Invest Selangor said 247 investment projects and 14,393 employment opportunities were secured last year.
Since 2017, Selangor has been in the forefront annually, and received a total of 1,329 investment projects with a total capital investment of RM67.5 billion, it added.
“In addition to the unpredictability nature of the pandemic and delayed economic growth, the lack of the state’s promotional missions and engagement sessions overseas due to the closing of international borders, compounded to a comparatively lower foreign direct investment in 2021.
“Over 60% of Selangor’s total investment in 2021 was attributed by expansion activities, signalling strong confidence among investors in the matured supply chain and robust business ecosystem in the state.
“Some notable projects included the expansion projects from Hartalega, Top Gloves, Duopharma and Datasonic domestically, and Denso and Wistron internationally,” it said.
Based on statistics from the Malaysian Investment Development Authority (MIDA), Selangor received a total of RM7.5 billion of investment in the manufacturing sector in 2021, contributed mainly by domestic direct investment (DDI), with an investment value of RM6.1 billion.
Meanwhile, Selangor drew RM7.5 billion worth of investment in the manufacturing sector last year, which largely comprised DDI of RM6.1 billion, according to MIDA’s figures.
“Investment projects in rubber, chemical, electrical and electronics and transport equipment sectors were among the top industries, contributing to 71%, valued at RM5.36 billion, of the total investment value. The focus industry cluster remained as the largest contributor to the approved investment value,” it said.
Since 2017, Selangor has received RM31.1 billion (46% from total investment in the manufacturing sector for 2017-2021), while maintaining DDI at an average RM6 billion annually.
“Moving forward, Selangor will continue to focus on attracting high value and impactful projects to both potential domestic and foreign investors and to create high quality employment opportunities for its over 6.5 million population,” it shared.
Source: The Edge Markets