by TMR / pic by BERNAMA

DOMESTIC Direct Investment (DDI) remained as a strong source of investment for Selangor, according to the state’s investment promotion agency, Invest Selangor.

It said that since 2017, Selangor has received RM31.1 billion (46% from total investment in the manufacturing sector for 2017-2021), while maintaining Domestic Direct Investment (DDI) at an average RM6 billion annually.

Local manufacturers continued investing in their capabilities and capacities in Selangor to be part of a matured industry supply chain ecosystem.

“Over 60% of Selangor’s total investment in 2021 was attributed to expansion activities, signalling strong confidence among investors on the matured supply chain and robust business ecosystem in the state. Some notable projects include the expansion projects from Hartalega, Top Gloves, Duopharma and Datasonic domestically, and Denso and Wistron internationally,” Invest Selangor said in a statement.

“Invest Selangor acknowledges the year 2021 was a challenging year in attracting inward investment to Selangor. In addition to the unpredictability nature of the pandemic and delayed economic growth, the lack of the state’s promotional missions and engagement sessions overseas due to the closing of international borders, compounded to a comparatively lower FDI in 2021,” it added.

According to Malaysian Investment Development Authority (MIDA), Selangor received a total of RM7.5 billion of investment in the manufacturing sector in 2021, contributed mainly by DDI, with an investment value of RM6.1 billion.

Investment projects in rubber, chemical, electrical and electronics and transport equipment sectors were among the top industries, contributing 71% and valued at RM5.36 billion to the total investment value. The focus industry cluster remained as the largest contributor to the approved investment value.

Despite a comparatively lower investment performance, Selangor continued to receive the highest number of manufacturing projects and created the highest employment opportunities in Malaysia, totalling 247 investment projects and 14,393 employment opportunities to its multitalented and multiskilled workers.

Since 2017, Selangor has received a total of 1,329 investment projects with a total capital investment of RM67.5 billion. These projects brought in a total of 83,934 employment opportunities in the manufacturing sector in Selangor.

Moving forward, Selangor will continue to focus on attracting high value and impactful projects to both potential domestic and foreign investors and to create high quality employment opportunities for its over 6.5 million population.