Selangor sees steady investment growth despite Covid-19 pandemic — Exco - MIDA | Malaysian Investment Development Authority
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Selangor sees steady investment growth despite Covid-19 pandemic — Exco

Selangor sees steady investment growth despite Covid-19 pandemic — Exco

07 Jun 2023

Despite the unprecedented challenges presented by the global Covid-19 pandemic, Selangor has demonstrated consistent investment growth, says Dato’ Teng Chang Khim.

Highlighting Selangor’s resilience in attracting investments amidst the ongoing health crisis, said the state executive councillor for industry and trade illustrated the state’s strong investment trend starting in 2019 when it recorded an approved investment of RM 17.04 billion in the manufacturing sector, followed by RM 18.43 billion in 2020.

Undeterred by the multitude of social and economic lockdown measures implemented in 2021, Selangor also managed to secure an additional RM 7.51 billion in investments.

As the nation gradually transitioned into the endemic phase last year, Selangor recorded RM 12.21 billion in investment solely in the manufacturing sector, a result of 265 investment projects approved by the Malaysian Investment Development Authority (Mida).

However, Teng pointed out Selangor’s resilient economy, with an expected economic growth rate of 5 per cent, surpassing the national average.

“These significant investments year-on-year, despite the global health and economic challenges, validate Selangor’s appeal to both domestic and foreign investors, creating job opportunities, fueling economic growth, and bolstering key industries.

“During these challenging years, the state government through Invest Selangor has also worked tirelessly to assist and facilitate issues from industries in navigating health crises and economic obstacles,” he said during his speech at the Selangor Investors Appreciation Awards 2019-2022 held at the Sunway Resort Hotel, here last night.

Also present were Menteri Besar Dato’ Seri Amirudin Shari and State Secretary Dato’ Haris Kasim.

Teng also underscored the significant role played by Invest Selangor Berhad (Invest Selangor) in driving investment in the state. Invest Selangor has maintained an active presence with its investment promotional programmes spanning over 20 major cities worldwide.

Furthermore, he said Selangor’s flagship international networking events, the Selangor Aviation Show and the Selangor International Business Summit, have evolved into highly anticipated gatherings within the region. These events serve as key platforms for industry players, businesses, and investors to forge valuable connections and explore lucrative investment prospects.

“Selangor’s thriving economy, the availability of the multi-skilled and multilingual human capital, the advanced technology sector, and favourable investment climate make it an ideal destination for businesses and investors alike. Together, we can continue shaping a stronger and more resilient future,” he said.

At the ceremony, Teng was also awarded the Lifetime Achievement Award by the state government, which recognises his “exceptional service and invaluable contribution” to the state.

Source: Selangor Journal