Selangor optimistic of receiving better investment following China's reopening

SHAH ALAM: Selangor is optimistic to receive an increase in investment following the reopening of China's borders on Jan 8, despite Malaysia expected to face economic headwinds this year.

Selangor Standing Committee on Investment, Trade, Industry and Small and Medium Industries chairman Datuk Teng Chang Khim said Southeast Asia is still the focus of foreign investors who uses the region as a transit, especially from China, due to the United States-China trade war.

"Since the last 10 years, we (the Selangor government) obtained a lot of investment from China," he said at a press conference regarding the Selangor state-level Chinese New Year 2023 open house celebration here today.

In the meantime, Teng said the state government has drawn up various programmes and incentives in the face of economic uncertainty such as the implementation of the First Selangor Plan (RS-1) 2021-2025.

"Selangor is already preparing for the next five to 10 years, especially with the existence of RS-1. We expect to see the results (RS-1) after five years and we will achieve success in the 10th year.

"For that reason, Menteri Besar Datuk Seri Amirudin Shari, during the Selangor Budget 2023 presentation, had set the target of RS-1 being able to contribute about 30 per cent to the national gross domestic product (GDP) compared to 24.8 per cent last year," he said.

In other developments, Teng said the Selangor government will be organising a state-level Chinese New Year open house at the Shah Alam Independence Square on Jan 28, with a target of 10,000 guests.

He also said that the Sultan of Selangor, Sultan Sharafuddin Idris Shah, Tengku Permaisuri Norashikin and the Raja Muda of Selangor, Tengku Amir Shah are expected to grace the event.

Teng said the open house event would be distributing "ang pau" amounting to RM10,000 and limited to the first 2,000 guests through Wavpay, the e-wallet application developed by the state government.

-- BERNAMA