Selangor targets RM8b investments in 2014

by Prem Kumar Panjamorthy

PETALING JAYA: The Selangor state government aims to attract RM8 billion worth of investments next year, deriving the most from the services sector — aerospace industry, chemical industry and education sector.

The target is similar to the state’s goal of RM8 billion this year. For the first eight months of this year, approved manufacturing investments into Selangor stood at RM3.5 billion, less than half of its full-year target.

“The last four months will be the most active months for investments. Hopefully, we will be there,” SSIC Bhd chief executive officer Hasan Azhari Idris told The Malaysian Reserve recently. SSIC is the state government’s investment arm that deals with its investment related matters.

Transport equipment, electrical and electronic products, and food manufacturing made the top three investment contributing sectors up to August 2013.

Hasan said the state government now aims to attract more quality projects with high capital value and high multiplier effect.

Despite the dimness in the global investment climate, Hasan said the state is optimistic of a continuous success rate in securing investments due to sound economy, infrastructure and local talent pool.

“The state has decided to maintain its target of RM8 billion for 2014, as the number does not matter to us anymore. We want projects that will benefit the local Selangor people at large. In that sense, quality investments.

“We still believe that we have the competitive edge and space to accommodate more quality investments,” he said.

Hasan said Selangor still has plenty of space in its halal parks, science parks and Port Klang Free Zone (PKFZ), thus disputing the issue of alleged space constraints.

For the first eight months of this year, Malaysia approved 463 manufacturing projects with investments of RM29.89 billion, way below the RM41.13 billion approved during the same period last year, through 804 projects — RM18.8 billion were foreign investments while RM11.08 billion were domestic capital.