NST: Domestic investments still a strong source of investment for Selangor
KUALA LUMPUR: Domestic direct investment (DDI) remained as a strong source of investment for Selangor in 2021, said Invest Selangor.
The Selangor state's investment promotion agency said since 2017, the state had received RM31.1 billion (46 per cent from total investment in the manufacturing sector for 2017-2021), while maintaining 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," Invest Selangor said in a statement.
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 per cent 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.
Invest Selangor said over 60 per cent 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 included the expansion projects from Hartalega, Top Glove, Duopharma and Datasonic domestically, and Denso and Wistron internationally, it said.
Meanwhile, Invest Selangor acknowledged 2021as a challenging year in attracting inward investment to the state.
In addition to the unpredictability nature of the pandemic and delayed economic growth, it said the lack of the state's promotional missions and engagement sessions overseas due to the closing of international borders, compounded to a comparatively lower foreign direct investment (FDI) in 2021.
"Despite a comparatively lower investment performance, Selangor continued to receive the highest number of manufacturing projects.
"The state has also created the highest employment opportunities in Malaysia, totalling 247 investment projects and 14,393 employment opportunities to its multitalented and multiskilled workers," it said.
Since 2017, Invest Selangor said the state had been in the forefront annually, and 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, it said.
"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," it added.
