Eyeing high-impact investments | The Star

Apart from manufacturing sector, focus to be on knowledge industry, digital economy

THE Selangor government will focus on selected industries to ensure high-technology and high-impact investments continue to spur sustainable growth in the state.

State investment, trade and mobility committee chairman Ng Sze Han said the focal industries would be life sciences, food and beverage, electric and electronic including semiconductors, transport equipment like aerospace and drones, as well as machinery and equipment.

Ng said Selangor recorded an investment value of RM55.3bil last year, exceeding the target of RM45bil, as announced by the Malaysian Investment Development Authority.

“The state government will continue focusing on high-impact investments in manufacturing, and at the same time strengthen the service sector, especially in the knowledge industry such as digital economy.

“Therefore, Selangor’s higher investment target of RM50bil is reasonable and realistic,” he said in reply to a question by Datuk Seri Mohamed Azmin Ali

(PN-Hulu Kelang) at the Selangor State Assembly sitting in Shah Alam.

Ng said the RM50bil target was based on several factors, including economic growth in developing countries as well as in countries such as Singapore, the Netherlands, the US and China, leading to foreign investment in Malaysia.

He said the state’s positive investment performance in the last five years was also taken into account.

Azmin further asked why Selangor had set a target that was lower than the previous years’ records, which he said could mean reduced confidence.

He said the state recorded an investment value of RM60.5bil in 2022.

Azmin also highlighted concerns on the lack of job opportunities for skilled workers.

“In 2023, a total of 234 projects in the manufacturing sector were approved, with the projection of creating 12,568 jobs.

“However, only 38.5% were in managerial, technical and supervisory roles.

“High-quality work was still below 40%, which is a concern since we are discussing at length about attracting high-impact and high-technology investments,” Azmin said.

Ng replied that he projected the percentage based on the fact that the need for skilled workers would increase gradually.

On the matter of investment value target for Selangor, Ng said the state had to remain realistic.