More work to be done to attract FDI to Selangor

O Over 60% of state’s total investment in 2021 was attributed to expansion projects

Selangor saw lower foreign direct investment (FDI) in 2021 given the unpredictable nature of the pandemic and delayed economic growth, the lack of promotional missions and engagement sessions overseas due to the closing of international borders.

“Invest Selangor acknowledges 2021 was a challenging year in attracting inward investment to Selangor,” it said in a statement yesterday.

In 2021, the manufacturing sector in Selangor received RM7.5 billion in investment, contributed mainly by domestic direct investment (DDI) worth RM6.1 billion, according to the Malaysian Investment Development Authority. Investment projects in rubber, chemical, electrical and electronics and transport equipment sectors contributed 71% (RM5.36 billion). The cluster remained the largest contributor to approved investment value.

Over 60% of Selangor’s total investment in 2021 was attributed to expansion projects including Hartalega, Top Glove, Duopharma and Datasonic domesticically, and Denso and Wistron internationally.

Despite a lower investment performance, Selangor received the highest number of manufacturing projects (247) and created the highest employment opportunities (14,393) in Malaysia.

Moving forward, Selangor will continue to attract high-value projects for potential domestic and foreign investors and to create highquality employment opportunities for its 6.5 million population.

Since 2017, Selangor has been at the forefront annually with 1,329 investment projects worth RM67.5 billion, of which the manufacturing sector provided 83,934 employment opportunities. At an annual rate of RM6 billion, DDI remained a strong source of investment for Selangor. Since 2017, Selangor has received RM31.1 billion DDI (46% from the manufacturing sector).