SHAH ALAM, March 20 — Selangor had its highest investment injection last year with a record-busting RM24.73 billion, more than doubling the RM10.1 billion direct funds received in 2017.
Mentri Besar Amirudin Shari told a press conference at the state assembly today that the manufacturing sector contributed the most investments, bringing in RM18.947 billion last year compared to RM5.592 billion in 2017.
“This remarkable achievement was an increase of 238 per cent over the previous year and this was the highest direct investment ever recorded for the state,” he said.
Through its investment arm, Invest Selangor, the state managed to pull in RM10.837 billion worth of foreign direct investment (FDI), which is a 400.7 per cent increase from the RM2.164 it recorded in the previous year.
China invested the most in terms of value with RM3.934 billion invested in the state focusing on the basic metal products, paper and other sectors.
Japan, on the other hand, had the highest number of projects with 27 projects approved last year, amounting to RM435.6 million, with its investment focusing on semiconductors, factory automation parts, the food industry, LED products and automotive, among others.
Data from the Malaysian Investment Development Authority showed a total of 241 manufacturing projects were approved by the state last year, making it the highest in the country. It was a 19 per cent increase in terms of number of projects when compared to 202 manufacturing projects in 2017.
Domestic direct investment for last year also showed a significant increase of 136 per cent to RM8.11 billion when compared to RM3.427 in 2017.
The four-fold jump also covered new investments which recorded RM13.522 worth of new investments last year when compared to the 2017 figure of RM2.565 billion.
Expansion/Diversification Investment also recorded a respectable 79.2 per cent growth to RM5.42 billion in 2018 from RM3.026 billion in 2017.
Under the manufacturing sector, Amirudin also reported that 18,475 potential jobs were created last year, making it the highest in the country. It was an 84 per cent increase from 10,031 employment opportunities crated in 2017.
Moving forward, Amirudin said this year he targets the state to bring in RM10 billion worth of investment.
“Our original target last year was RM7 billion but we well exceeded that amount on the back of the positive mood from investors, especially after the change of [federal] government on May 9.
“Logistic factors such as airports, ports and a good road system were some of the advantages that Selangor has.
“This year, we are targeting RM10 billion but I hope we can match last year’s performance,” said Amirudin.