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Selangor investments highest in nine years

PETALING JAYA, 23 February 2009: Selangor attracted RM11.87 billion of investment in 2008, the highest amount in the past nine years, despite the economic downturn.

“This made us second among all the states in Malaysia (Sarawak tops the list with RM15.2 billion),” said senior executive councillor Teresa Kok yesterday.

The figures which were released by Malaysian Industrial Development Authority (Mida) include 302 investment projects. Of this, 202 new projects are valued at RM6.353 billion, while 100 expansion and diversification projects are valued at RM5.517 billion.

Germany brought in the highest value of investment to Selangor in 2008, worth RM3.2 billion and involving eight projects, followed by Japan, the United Kingdom, Denmark, the United States and Singapore.

However, in terms of number of investment projects which have obtained No Objection Letter (NOL) from the state, Singapore and Japan registered the highest number with 15 each.

Kok, who also chairs Selangor’s industrialisation, investment and trade committee, said the state would try to reach its RM12 billion target this year despite the global economic downturn.

“We know it is not easy with the downturn, but we will try to speed up processes to rope in investors as well as focus on other sectors apart from industrial manufacturing, such as the services sector,” she said after attending a retreat for Selangor exco and representatives.

Kok added that the state government had taken steps to protect the interests of investors.

“We have instructed local councils to set up industrial park management committees comprising local councillors, officers from bodies providing utilities such as electricity, telecommunications and water, as well as other agencies such as the police,” Kok said, hoping that it would attract even more investments to the state.

According to Kok, the metal and fabricated metal industry attracted the highest investment in 2008 with 18 projects worth RM3.93 billion. The majority of the investment in this industry was from local investors.

The non-metallic mineral industry ranked second with eight projects worth RM3.26 billion, with most investment coming from foreign investors. Next came the electrical and electronic industry with RM1 billion and 18 projects. The food manufacturing sector accounted for the most employment opportunities, with 4,740 jobs created.

This news report first appeared on 23 Feb 2009 in The Edge Financial Daily under the title Selangor sees highest investment in 9 years. Used with permission.

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