By Nasuha Badrul Huzaini
SHAH ALAM, July 5 — Selangor is on track to achieve its total target investment of RM10 billion this year, said state executive councillor for trade and investment Dato’ Teng Chang Khim.
He said the state recorded an encouraging performance in the first half of 2022 by achieving RM3 billion worth of investment in the first and second quarter.
“We have set a very humble figure of RM10 billion for the total amount of investment in Selangor this year. Last year, despite various challenges and constraints due to the implementation of the movement control order, we still managed to record RM7.5 billion in total investments.
“As mentioned in a news report today, Malaysia’s economy is expected to slow down in the second half of 2022. Hence, we are being practical and pragmatic by setting our target at RM10 billion as we are also very cautious about the state’s economic progress,” Teng said at a press conference following the official launch of the Selangor International Business Summit 2022 (SIBS 2022) here today.
Also present at the event was Invest Selangor Bhd chief executive officer Datuk Hasan Azhari Idris and Menteri Besar Selangor (Incorporated) chief executive officer Norita Mohd Sidek.
The councillor added the direct domestic investment (DDI) in Selangor also has been doing well over the years, compared to other states which rely heavily on the foreign direct investment.
“The DDI stands between 40 per cent to 60 per cent of the total investment in the state, which is quite high.
“We are doing quite well where DDI is concerned thanks to the close collaboration between the state government and industry players,” he said.
