Selangor targets RM12b of investment in 2020

The state govt outlines machinery, transportation, F&B, life sciences and E&E as its core investment sectors

by SHAHEERA AZNAM SHAH/ pic by MUHD AMIN NAHARUL

THE Selangor government is expecting to generate about RM12 billion of investment value in 2020 through its five targeted clusters of sectors.

Selangor Investment, Industry and Commerce, Small and Medium Enterprises and Transport exco and standing committee chairman Datuk Teng Chang Khim said the state government has outlined machinery, transportation, food and beverages (F&B), life sciences, and electric and electronics (E&E) as its core investment sectors.

“One of our efforts to draw in investment into Selangor, we have established investment guidelines which focuses on five clusters of sectors.

“We also have various agencies that are generating revenue through the local and international exhibitions,” he said at the signing of a memorandum of agreement (MoA) between Invest Selangor Bhd and Malaysian Green Technology Corp (GreenTech Malaysia) in Shah Alam yesterday.

For the first nine months of 2019 (9M19), Teng said the state’s investment value reached RM16.4 billion, exceeding its target of RM10 billion for the year.

“In 2018, our investment was at a record high of RM18.9 billion and as of September last year, we managed to reach RM16.4 billion, which was an exciting figure for us. So for this year, we are raising the target to RM12 billion,” he said.

Separately, Invest Selangor, the investment agency for the state, is partnering GreenTech Malaysia to promote Malaysian technologies and products at the World Expo Dubai 2020.

Under the agreement, Selangor will be able to utilise the space of 12,000 sq ft under the Malaysia Pavilion to host investment promotion, forums and networking activities.

Teng explained that Selangor will collaborate with 13 state agencies and government-linked companies to promote the state’s initiative and action plans in its core industry clusters.

“Together with GreenTech Malaysia, which is the implementing agency for the expo, we are looking to promote Selangor’s core investment sectors at the international level,” he said.

Previously, Energy, Science, Technology, Environment and Climate Change Minister Yeo Bee Yin said Malaysia is targeting to achieve potential investments and businesses worth RM10 billion from the exposition.

The country is also set to secure 1,000 business leads and achieve 20 partnership agreements during the expo, which will be held for six months.

Selangor will be participating in the 24th week from March 28, 2021 to April 3, 2021.

GreenTech Malaysia CEO Shamsul Bahar Mohd Nor said more than 75 companies consolidated under six state governments and 21 ministries are expected to participate in the expo.

“Various agencies through six states and more than 20 ministries are going to participate in the expo. We are expecting more than 75 companies combined to help promote Malaysia Pavilion at the expo,” he said.