Subscribe to our Telegram channel for the latest updates on news you need to know.
KUALA LUMPUR, Oct 10 — Selangor is on track to record investments of RM10 billion in the manufacturing sector this year, Mentri Besar Amirudin Shari said.
He said as of the first half of 2019, the state had already bagged RM6 billion in investments despite uncertainty and instability in global economic growth, due to trade war between the US and China.
"We are confident of achieving this target in the current global economic environment and we can even achieve more if the situation improved," he told reporters after the opening of the Third Selangor International Business Summit 2019 (SIBS 2019) here today.
Sultan Selangor Sultan Sharafuddin Idris Shah officiated the event.
Earlier in his speech, Amirudin said Selangor track records showed that businesses could reap the rewards due to the state's strong economic fundamentals, excellent infrastructure as well as a vibrant and dynamic talent pool graduating from the many universities in the state.
He said the state posted a record-breaking investment performance in 2018 at nearly RM19 billion in the manufacturing sector alone, more than double the state's target, and a jump of nearly 285 per cent compared to the investments in 2017.
"Over the past 11 years, this administration has braved strong winds to rise to the challenges we have faced to make Selangor the smarter place to invest and to do business compared to other states in the region," he said, adding that the state could be considered as a gateway to Asean.
"With our vision to become a smart state by 2025, we are making sure that our economic policy is aligned to our infrastructure development in transport and city management," he said.
Amirudin said the state possessed the best transport network in the country with connectivity through a mix of railway, highways, seaports and airports.
"In the Kuala Lumpur International Airport and Port Klang, we have the 12th busiest airport in Asia and the 12th busiest seaport in the world respectively," he said, adding that Selangor has over 200 industrial parks and a robust workforce of 3.4 million people in various industries.
"Our universities are constantly improving and have begun working with industries to equip nearly 40,000 graduates annually with the most pertinent skills to succeed in the outside world," he said.
Amirudin said Selangor government also regarded the announcement of the Shared Prosperity Vision 2030 by the federal government as a vital document outlining Malaysia's renewed values and ideas on the road to a developed nation through focusing on people and industrial development.
Moving forward, he said the state government has identified its core areas of electrical and electronics, life sciences, food and beverages manufacturing, transport, as well as machinery and equipment as the primary focus as these areas represented the most room for technological advancement
"So, the bottom line is Selangor is open for business and through the Selangor Information Technology and E-Commerce Council (SITEC), we will make it as simple as possible for you to set up shop here," he added.
On the SIBS 2019, he said the event was targeted to achieve RM250 million deals, an increase from last year’s RM200 million.
The four-day event from today with the theme ‘Your Gateway To Asean, is a platform for key business players, investors and decision-makers from various industries to connect, collaborate and create opportunities.
The summit showcases more than 800 booths and is expected to attract 30,000 visitors. — Bernama