By Fitri Hazim Hazam
SHAH ALAM, May 30 — Malaysia's 4.2 per cent economic growth, which has exceeded the projected 3.9 per cent estimate in the first quarter of 2024, benefits Selangor.
Menteri Besar Dato' Seri Amirudin Shari said that economic growth and investment under the Madani Economy framework aligns with the First Selangor Plan's (RS-1) aims of achieving a gross domestic product growth (GDP) of between 6.5 to seven per cent.
“The country’s economic performance also helps Selangor increase Malaysia’s GDP contribution by 30 per cent by 2025.
“It includes bringing in approximately RM329.5 billion in approved direct investments last year, and RM76.1 billion as of March this year," he said in a Facebook post today.
Meanwhile, Amirudin said that implementing the targeted fuel subsidies, which is expected to save up to RM4 billion annually, will allow more funds to be channelled into Selangor's development projects.
“Adjusting diesel subsidies and the floating price of chicken also gives the state government room to implement welfare programmes under Iltizam Selangor Penyayang (ISP), as well as infrastructure projects.
“In addition, the RM1 billion fund support from Khazanah Nasional opens up opportunities for entrepreneurs to expand their businesses in life sciences, agrotechnology, and aerospace, per RS-1's goals," he said.
The Menteri Besar added that the state government will double its efforts to ensure that all improvements and benefits received through these achievements will be used optimally for Selangor's economic sustainability.
Other benefits to Selangor due to the country's economic achievements in the first quarter of 2024 include:
- Additional allocations for the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SAR) financial aid, which reduces relative poverty in the state.
- Developing the energy industry via the National Energy Transition Plan (NETR), which supports RS-1's low-carbon initiatives.
- Targeted subsidies save on water management costs and focus on implementing important projects like cleaning up Sungai Klang.
- The establishment of Malaysia's Faculty of Artificial Intelligence (AI) enhances the skills and income of Selangor’s youth through training and education.
- Governance improvements through the Public Finance and Fiscal Responsibility Act 2023, which helps the state implement more effective and transparent Smart Selangor governance for project management under RS-1.
