Thriving economic growth
The Selangor government is going all out to rope in potential investors from all over the globe to boost its economic and financial standings as well as giving Malaysia a better name.
Currently ranked third behind Johor and Sarawak in terms of total investments contributed to the country, the state boasts a huge number of Japanese investors today.
With the Japanese investing in 424 manufacturing projects at a whopping RM11.9bil between 2000 and August this year, more than 30,000 job opportunities have been created in the state.
According to state investment committee chairman ean Yong hian Wah, although the state government did not provide any sort of financial assistance to investors, it oversaw potential projects and ensured it was carried out without any hiccups.
“The Selangor government offers help to investors through the relevant agencies. From identifying a location to solving issues even after the company had been erected, the Selangor government does it all,” he said.
he said the main factors of investors’ continued preference for Selangor are political stability, good infrastructure, and investor-friendly policies.
ean Yong said there are namely seven countries – Japan, America, Singapore, Germany, South Korea, China and United Kingdom, that are currently investing in Selangor.
Of the industries that are making big money in the state, he said electronic and electrical products have contributed the most.
“Between 2000 and August this year, the electronic and electrical industry contributed more than RM20bil,” he said, adding that the transport and equipment industry came in second with a total of RM16bil worth of investments.
Although one might think that the state was doing perfectly fine in bringing in investors locally or internationally, the state government feels otherwise.
ean Yong said that more measures need to be taken to place Selangor at the top spot. Given this, he said more strategies are being looked at to increase and expand the state’s wealth.
Among others, the Selangor government have pledged to provide a conducive environment for investors to operate businesses here.
“The Selangor government is always in touch with private sectors and other business partners to attract more people to start up businesses here.
“The state also seeks the help of foreign embassies to encourage business growth here,” he said, adding that this was a good step to spread the news across the globe.
In addition, ean Yong said, the Selangor government was also in the midst of preparing education and medical benefits for expatriates who showed interest in starting up businesses in the state.
“This way, those who have money but are unsure of how things work here can be taught at our centres,” he added.
Although Malaysia lagged behind hong Kong, Singapore, South Korea and Taiwan, ean Yong said the state government was determined to push the country’s economic status to be on par with these countries.
“Someday this will happen and we’re confident it can be done,” he said.
Although Selangor might not be the top state in terms of contributing to the country’s investments and growth, it has 93 upcoming projects – the most number of projects among all states, worth RM1.9bil and 47 projects deemed for expansion worth RM1.5bil.
however, ean Yong said this was lower compared to last year. Based on the latest investment trend in the state, he said, Selangor was expected to record between RM5bil and RM6bil by year-end.
“Between January and August this year, Selangor recorded RM3.49bil of total investments and has contributed almost 11.7% of the overall investments in the country,” he said.
A worker operating a compacting machine at the Theen Seng Paper Manufacturing plant in Rasa, Hulu Selangor.