Selangor eyes RM7bil investments for manufacturing industry

KUALA LUMPUR: The Selangor government is eyeing investments of RM7bil for the manufacturing industry this year and higher than the RM5.8bil recorded in 2017.

Mentri Besar Amirudin Shari said a bulk of the contribution would likely come from the food and beverages sector, electronics and electrical, life sciences, machinery and equipment, as well as transport equipment.

“We have all the infrastructure and activities. We can’t depend on the manufacturing industry alone.

“Our challenge now is on how to increase the potential we have,” he told reporters at the 2nd Selangor International Business Summit 2018. He said as of January-June this year, the state government secured investments of RM800mil for the manufacturing industry.

Amirudin cited the summit as one of the many initiatives undertaken by the state government to boost Selangor’s performance in terms of business and investments going forward. “Selangor contributed RM270bil or 23% to Malaysia’s gross domestic product last year. We will work hard to retain our contribution this year,” he said.

Amirudin also said the state government had set a revenue target of RM2.25bil for this year, of which RM1.6bil was secured during the first seven months.

In 2017, Selangor generated revenue of RM2.8bil, surpassing the initial target of RM2.5mil.