By Danial Dzulkifly
KUALA LUMPUR, 25 July — Selangor, the golden state of Malaysia, has the right economic ingredient to attract high-value investments, said Menteri Besar Selangor (Incorporated) or MBI’s chief executive officer Saipolyazan M. Yusop.
The state already has an established infrastructure and a growing population of skilled workers, which has raised investors' confidence in establishing their businesses there.
However, what sets Selangor apart from other states in the country is its move to table its five-year plan, the First Selangor Plan (RS-1), which outlines the state's development plan for the coming five years, similar to the Malaysia Plan introduced at the Federal level.
"Selangor is the only state in Malaysia that has contributed over RM400 billion to the national economy (in 2023).
"This shows that our foundation is very strong for investors to invest and for them to start their businesses here. Investors can even conduct joint ventures with local companies and expand their business to the rest of Asia."
“We consider our state an investment magnet, and with RS-1, we have set an ambitious goal to approve an investment of RM25 to RM35 billion annually. But in actual fact, in 2023, we approved over RM55.3 billion in investments last year, with the service industry as well as manufacturing creating over 125,000 potential jobs,” he said.
Saipolyazan was speaking at a forum held as part of the Selangor Asean Business Conference at the Kuala Lumpur Convention Centre today.
The forum, dubbed "Selangor, Gateway to Asean: Shaping the Regional Economic Landscape", was held under the auspices of Selangor International Business Summit 2024, which runs from today until Saturday (July 27).
He reiterated the state's commitment to training and retaining a skilled workforce, with support from over 40 universities and institutions in the state.
Saipolyazan highlighted initiatives like the establishment of Universiti Selangor and technical training centres like the Selangor Technical Skills Development Centre.
"Additionally, Selangor is home to high-tech technical institutions, which provide specialised training for companies like Apple, Xiemen, Festo, and Dassault Systemes. The state also offers scholarships for vocational and aviation training, ensuring a steady supply of skilled professionals," he said.
Other initiatives, such as the Smart Selangor Action Plan 2025, the commitment to adopting green technology, and plans to expand the aviation industry, show that the state is rapidly becoming a top choice for high-value investors.
"The introduction of the Selangor Aerospace Hub, with locations in Kuala Lumpur (KLIA Aeropolis) and the redevelopment of Subang Airport, further strengthens the state's position in the aviation industry.
“These developments cater to maintenance, repair, and overhaul services, logistics, aviation training, and technology.
"All this shows that multinational companies are increasingly attracted to Selangor due to its investment incentives, excellent infrastructure, and talented workforce," Saipolyazan said.
