Reinvestment Constitutes 40.3 Pct Of Total Investment In Manufacturing For Selangor

KUALA LUMPUR, Aug 7 (Bernama) -- Continued interest from local and foreign investors has enabled Selangor to register a remarkable level of reinvestments, with reinvestment constituted 40.3 per cent of total investment in the manufacturing sector for the state. Malaysian Investment Development Authority (MIDA) deputy chief executive officer Arham Abdul Rahman said Selangor is indeed one of the most preferred investment locations for manufacturing activities. “The strong presence of multinational companies (MNCs) and large local corporations (LLCs) in the state such as Spirit AeroSystems, Nestle, IKEA, Panasonic, Q-Cells, KL-Kepong Oleomas, Nippon Electric Glass, Perodua Global Manufacturing, Proton, Top Glove and Hartalega hold much promise for business collaborations and opportunities,” he said in a statement today. Arham shared the reinvestment figures during the ninth briefing of MIDA Invest Series: Unfolding States’ Business Potential at the MIDA headquarters here. As at March 2019, Selangor recorded a total of 9,097 manufacturing projects with investments valued at RM218.4 billion (US$52.2 billion) approved by MIDA, creating more than 802,000 jobs. The majority of the employment was in the electrical and electronics (196,158), followed by transport equipment (91,752), rubber products (82,055), and machinery and equipment (52,620) industries. Arham highlighted that the federal government, through the Ministry of International Trade and Industry and MIDA, is continuously intensifying efforts to attract more high-level and quality investments through the provision of fiscal and non-fiscal incentives for both foreign and domestic Investors. Hence, he urged companies to take advantage of the facilities provided by the government to adopt innovative new technologies and processes to keep up with the trajectory of the broader industry. The Invest Series event was attended by over 200 participants from various fields, including manufacturers and service providers. The event featured a panel discussion with a broad range of speakers, representing government agencies such as Invest Selangor Bhd, the Selangor Human Resource Development Centre, Selangor Maritime Gateway, Smart Selangor (M) Sdn. Bhd, and government-linked corporation Smart Selangor Delivery Unit. -- BERNAMA