Invest Selangor to mobilise multiple initiatives to attract investors

KUALA LUMPUR: Selangor is ready to mobilise multiple initiatives especially in recommencing its promotional engagements overseas and presenting its value propositions to potential investors to consider Selangor as an investment destination.

Invest Selangor Bhd (ISB) chief executive officer Datuk Hasan Azhari said multiple initiatives in the pipeline encompassing both investment promotion and ecosystem development activities, particularly after the easing of pandemic containment measures, have allowed for the resumption of economic activities.

"The current less restriction bodes well for the state, especially overseas travellers to Malaysia are not required to undergo quarantine process - allowing more business engagements to take place physically," he told Bernama.

Hasan added that apart from the resumption of investment missions overseas to attract foreign investors for potential new and expansion activities, Selangor is organising Selangor International Business Summit (SIBS), which is back in physical from Oct 6 until Oct 9 as well as Selangor Aviation Show (SAS) on Sept 8 until Sept 10.

"We are also working to develop our five-year strategic plan - a roadmap for ISB with the aim of serving the clients better," he added.

Commenting on domestic direct investment (DDI) into Selangor, Hasan elaborated that except for between 2018 to 2020, DDI has always been the main driver for total investment in Selangor, especially within the manufacturing sector.

"In 2021, DDI contributes RM6.1 billion or 81.3 per cent to Selangor's manufacturing total investment - signalling great confidence in Selangor as an investment destination among domestic investors leveraging on the matured supply chain and robust business ecosystem.

"As the government has eased the pandemic containment measures, local businesses are able to fully operate again - more potential expansion activities to take place from domestic investors," he added.

As for foreign direct investment (FDI), Malaysia records a total approved investment of RM306.5 billion in 2021, the highest amount of approved investment since 2006.

"National FDI outlook for 2022 remains positive, with the National Investment Aspiration poised to attract high impact investments in new growth areas. The New Industrial Masterplan 2022 to 2033 will further propel the local industries to accelerate digitalisation efforts and fully realise the benefits of transition into Industrial Revolution 4.0," he added.

-- BERNAMA