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Sultan Sharafuddin says grateful Selangor remains top choice among investors despite Covid-19

Sultan Sharafuddin says grateful Selangor remains top choice among investors despite Covid-19

23 Aug 2021

The Sultan of Selangor Sultan Sharafuddin Idris Shah has expressed his gratitude in view of local and foreign investors continuing to choose the state as a place to do business despite the constraints imposed by the prolonged Covid-19 pandemic.

The ruler said the comprehensive and modern infrastructure facilities as well as business-friendly government policies as providing support.

His Royal Highness said the economic stimulus packages implemented by the federal government, along with the support of the state government, to ensure business continuity had succeeded in maintaining Selangor’s position as the country’s economic focal point.

Sultan Sharafuddin noted that Selangor housed a large number of small and medium enterprises and manufacturing industry players.

“This competitive advantage contributed to the excellent investment and industrial performance for 2020, with Selangor being the largest recipient of investments among all the states. A total of 324 manufacturing projects were approved by the Malaysian Investment Development Authority (Mida) in the state, involving a total investment of RM18.43 billion.

“Of this, local investments accounted for RM6.95 billion (37.7 per cent) while foreign investments made up RM11.48 billion (62.3 per cent). The biggest investors were from Japan, followed by the Netherlands and China,” His Royal Highness said when opening the Fourth Meeting of the 14th Selangor State Legislative Assembly here today.

Sultan Sharafuddin said that amid the Covid-19 crisis, 19,950 potential job opportunities were said to have been created from the manufacturing projects approved in Selangor.

“The Petaling District attracted the highest investment value, at over RM5.934 billion, compared to other districts.

“It was followed by Kuala Langat at over RM5.785 billion and Klang at over RM3.477 billion,” His Royal Highness said, adding that the total investment surpassed the RM12 billion targeted for 2020.

For this year, the Sultan of Selangor said, the investment target was being maintained at RM12 billion based on the projected decline in investment activity due to the spread of the Covid-19 pandemic and the economic recovery process experienced throughout the country.

Source: Bernama