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Selangor’s Resurgence as a Business Hub – wknd.

Monday, Mar 07, 2022 | Sha'ban 05, 1443
Published: Mon 7 Mar 2022, 9:50 AM
Last updated: Mon 7 Mar 2022, 9:52 AM
It’s no secret that since the Covid-19 outbreak began, foreign direct investment (FDI) into ASEAN countries has plummeted. According to the United Nations Conference on Trade and Development (UNCTAD), FDI inflows into ASEAN in 2020 fell 25 per cent to $137 billion compared to the previous year. Malaysia was among the most affected, where FDI fell by 55 per cent to $3.5 billion. However, things are beginning to look up again, despite the ongoing pandemic.
Selangor, Still A Preferred Investment Destination
Selangor is the primary state in Malaysia. Its contribution of over 22 per cent to the nation’s GDP has been consistent over the years, showcasing its credibility as the economic powerhouse, not only within the country, but also in the region.
Foreign direct investment or FDIs remain as one of the major boosts in the state economic growth over the years. It is home to many MNCs such as IKEA, Airbus, Nestle, Siemens and Schneider Electric. In 2020, FDI made up 62.5 per cent of Selangor’s total approved investment of RM 18.4 billion (approximately $4.39 billion), highest in Malaysia compared to other states.
According to Invest Selangor’s Chief Executive Officer, Dato Hasan Azhari: “The healthy inflow of investment projects into the state affirms Selangor’s status as a preferred destination among investors, despite the various challenges posed by the Covid-19 pandemic. This is because of the already matured ecosystems within the state for industries to set up their operations in.”
Key Factors To Selangor’s Continued Success
On top of its world rankings, as well as economic and investment achievements, the growing interest of MNCs in setting up regional operations in Selangor is largely due to the continuous efforts of Invest Selangor — as a one-stop agency that provides information, advisory services, start-up and expansion support to potential and existing investors — to promote the state as a promising investment destination.
Towards establishing itself as a global trading hub, Selangor offers a matured business ecosystem with complete infrastructures for industries to set up their operations in the state. Additionally, Selangor’s strategic location with two major international airports and the world’s 12th largest container port (Port Klang), as well as several advanced domestic rail, road and air links to economic centres within the country, makes the state one of the most attractive business hubs to connect investors to ASEAN and global markets. Another advantage that Selangor offers is the availability of about 3.6 million multilingual and skilled talents in the state. Selangor is also laying the digital foundation to empower the population, via its Smart Selangor Action Plan 2025, which aims to make Selangor the most liveable state within the region.
Invest Selangor Berhad has been a beacon for investors from all across the world who wished to invest, and prosper, in Selangor. Invest Selangor Berhad is a one-stop agency that provides information, advisory services, as well as start-up or expansion assistance to potential and existing investors. Since its inception, it has attracted 5,984 (1999-2020) manufacturing projects in Selangor. Thus, the organisation has been indirectly responsible for the creation of 446,828 (1999-2020) jobs and attracting more than RM198.6 billion (1999-2020) worth of manufacturing investments to the state. Invest Selangor is committed to continually strive to create a conducive investment-friendly environment through the creation of new networks, services and competitive incentives provided by the Malaysian Investment Development Authority (MIDA). Invest Selangor Berhad is leading the Selangor Week at the Malaysia Pavilion in Expo 2020 Dubai that takes place from March 6 to 12, 2022. The Selangor Week is promoting the five clusters of industries for investment, namely, electrical and electronics, life sciences (biotechnology), transport and equipment (aerospace), machinery and equipment, food and beverage (halal industry).
Invest Selangor is the first contact point for corporations planning to invest in Selangor. As a one-stop agency, Invest Selangor provides information and advisory services to potential and existing investors as well as assistance in setting up operations in Selangor. The organisation is considered a role model for other states in Malaysia, based on the experience of more than 15 years. Staying ahead of the competition, the organisation continues to create new networks, services and competitive investment incentives provided by the Malaysian Investment Development Authority (MIDA). Furthermore, they offer services to its investors, who are considered as partners in developing a conducive investment environment. These services include providing relevant information on the investment process, supporting the contact management and communication with government agencies, facilitating the approval of applications with government agencies, identifying suitable industrial land and property for the investment project, introducing property and land owners, and establishing platforms and implementing new initiatives to improve the inves
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