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Selangor: RM41.56b manufacturing, services investments in Jan-Sept 2023

Selangor: RM41.56b manufacturing, services investments in Jan-Sept 2023

15 Feb 2024

Selangor attracted investments totalling RM41.56 billion for manufacturing and services sectors from January to September 2023, according to Selangor Exco for Investment, Trade and Mobility, Ng Sze Han.

The manufacturing sector attracted RM16.96 billion, with the electronics and electrical (E&E) being the largest sub-sector, followed by fabricated metal products, plastic products, machinery and equipment, and food.

“The most significant sub-sector for the manufacturing sector is E&E which was RM9.75 billion, the second was fabricated metal products at RM2.65 billion, the third plastic products at RM1.18 billion, fourth was machinery and equipment at RM865 million and the fifth is food manufacturing at RM697 million. These are the five main sectors under the manufacturing sector,” Ng told reporters at a press conference to announce the Selangor Chinese New Year 2024 celebration today.

For the manufacturing sector, Selangor targeted RM12 billion last year but it already surpassed the goal by September, with investments for the first nine months of 2023 totalling more than RM16 billion. Foreign direct investment (FDI) for the manufacturing sector edged ahead at RM12.5 billion while domestic direct investment (DDI) stood at RM4.4 billion.

However, Ng stated that FDI and DDI hold equal significance for Selangor’s economic growth.

“We don’t really set the target for FDI and FDI. We set the total target. FDI and DDI are equally important to us. It’s not just about taking care of foreign investors, domestic investors are also very important,” he said.

Meanwhile, the services sector attracted RM24.59 billion with real estate, information and communication, and utilities being the main contributors.

“For the services sector, the most significant was from real estate at RM13.48 billion followed by information and communication at RM5.41 billion and utilities at RM1.9 billion,” said Ng.

He reiterated that Selangor’s investment target for 2024 was increased to RM50 billion compared with RM45 billion for 2023.

“We set a higher target each year so that we can continue to bring more investments into Selangor. Like this morning, the Invest Selangor team, along with the related agency, conducted site visits with investors who entered Selangor state to resolve the issues they faced so that their applications could be processed more smoothly. This is the task and responsibility that Invest Selangor is currently undertaking,“ Ng said.

Meanwhile, the Selangor government will organise the state-level Chinese New Year celebration on Feb 24 at IOI City Mall, IOI Resort City in Sepang, which will be graced by the Sultan of Selangor, Sultan Sharafuddin Idris Shah and Tengku Permaisuri Selangor, Tengku Permaisuri Norashikin.

Source: The Sun