By Danial Dzulkifly
SHAH ALAM, March 1 – Selangor has outperformed forecasts, recording an overall investment of RM55.3 billion for 2023, significantly surpassing its initial target of RM45 billion, said Ng Sze Han.
The state executive councillor for investment, trade and mobility said the figure includes foreign and domestic investments, with the manufacturing sector seeing a substantial surge in the previous year compared to 2022.
“Invest Selangor Bhd (Invest Selangor) has set a target of RM45 billion for foreign and domestic investments in 2023.
“Yesterday, the Malaysian Investment Development Authority (Mida) disclosed that the total investment, inclusive of both domestic and foreign investments, reached RM55.3 billion, exceeding the target set by Invest Selangor,” Ng said in response to a question by Teratai assemblyman Yew Jia Haur on the amount of investment obtained by the state last year during the Selangor State Legislative Assembly, here today.
According to data from Mida, the manufacturing sector witnessed a noteworthy year-on-year increase, with investments totalling RM19.3 billion in 2023, a significant rise from RM12.2 billion recorded in 2022.
Ng also said that since the past three years (2021 to 2023), Selangor has recorded a total of RM90.4 billion in domestic investment.
He said foreign investment in the same period was recorded at RM47.57 billion, out of which RM21.53 billion was from the manufacturing sector, and the remaining RM26.04 billion directed towards the service sector.
Overall, the foreign investment in Selangor that was recorded over the three years was RM1.99 billion in 2021, RM30.17 billion in 2022, and RM15.4 billion as of September 2023.
