Selangor keeps cautious outlook on investments this year

The state is already facing challenges, but it is still early to review its target value, says its exco


THE Selangor government is expected to maintain a cautious outlook on its investment target this year due to the Covid-19 outbreak and political uncertainties in the country.

Selangor Investment, Industry and Commerce, Small and Medium Enterprises and Transport executive councillor (exco) and standing committee chairman Datuk Teng Chang Khim (picture) said the state is already facing challenges, but stressed that it is still early to review its target value.

“I think this is part and parcel of our job and we have to embrace it. We predict that we need probably at least two months in order for us to look into it and realign our strategies.

“But of course, at the state level, we have the facilitating task in terms of application procedures to make it more efficient,” Teng said after the Pocket Talk programme by Invest Selangor Bhd and Malaysian Investment Development Authority (Mida) in Shah Alam yesterday.

“That includes shortening the period for development approval and other processes that involve subdivisions of land, amalgamation of land, rezoning and so on,” he added.

According to him, the electrical and electronics, medical and pharmaceutical sectors have been exploring the possibility of resettling in Selangor, as China has been its main contributor for the past 10 years.

“We are expecting more investments to come from other countries, as China can no longer be the world factory from now on. We can’t put all the eggs in one basket.

“We have been approached by investors to look into the possibility of risk settling some of the manufacturing sector from China to South-East Asia,” he said.

Teng also emphasised that Selangor will continue exploring India and Indonesia for this year and attract those who are within its investment focus.

Meanwhile, Invest Selangor and Mida jointly organised a Pocket Talk programme as Selangor set its sights on becoming a world trading hub, especially in the food and beverage (F&B) sector.

Selangor will continue exploring India and Indonesia for this year and attract
those who are within its investment focus, says Teng
Pic by Muhd Amin Naharul

The main objective of the programme was to update industry players on the facilities provided by the government, as well as the initiatives by the state and federal governments from Mida.

The F&B sector has been one of the major clusters in Selangor, with a total of RM18 billion investments, and has created nearly 50,000 employment opportunities in Selangor since the 1980s.

The event, which attracted approximately 200 entrepreneurs from F&B players, was officiated by Teng.

Also, during the event, Teng launched the upcoming Selangor International Business Summit (SIBS) 2020, which will be held this year from Oct 14 to 17 at the Kuala Lumpur Convention Centre.

The region’s biggest business event targets RM350 million in transactional value.

SIBS is one of the state’s key globalisation and trade initiative strategies to position Selangor as a prominent marketplace for entrepreneurs and investors to do businesses in South-East Asia.

It will comprise four main components, namely the Sixth Selangor International Expo, Fourth Selangor- Asean Business Conference, Fifth Selangor Smart City and Digital Economy Convention, and Second Selangor Research and Development and Innovation Expo.

The summit that will be held for the fourth consecutive year this October targets to attract over 40,000 visitors and 850 local and international booths.

Additionally, the launch also saw the unveiling of the state’s newest initiative, International Muslim Friendly Affiliated Network (IMFAN).

IMFAN is a tier-rating programme to assist small and medium enterprises (SMEs) in building halal principles and practices at the early stages of their business, preparing SMEs prior to obtaining the halal certification.