PETALING JAYA: Invest Selangor Bhd has raised its investment target in the manufacturing sector to more than RM6bil this year, said chief executive officer Datuk Hasan Azhari Idris.
According to Hasan, the agency surpassed its target of RM6bil in investments in the manufacturing sector last year, securing RM7.88bil in investments although it was slightly lower than that of 2015 at RM7.9bil.
“We are studying the pattern of the investment and we have some formulas and will be working on them.
“We will continue to focus on the five core clusters which had contributed 57% of investments in the manufacturing sector, namely life sciences, food and beverages, manufacturing, electrical and electronics, transport equipment, as well as machinery and equipment.
“Special emphasis will be given on four key areas within the core clusters, namely aerospace, biotech, halal industries and e-commerce,” he told Bernama on the sidelines of a dialogue session and the official launch of the Selangor Industrial Master Plan study here yesterday.
The Selangor Industrial Master Plan study, commissioned by Invest Selangor, was conducted by Monash University Malaysia over a period of 14 months and was launched by Selangor state senior executive councilor Datuk Teng Chang Kim.
On the master plan study, Hasan said it was conducted for the purpose of making Selangor’s industry benchmarks by finding out its strength and weaknesses.
According to Hasan, this will help the state to strategise and position its industry as well as setting its direction.
In his keynote address, Teng said with this initiative, Selangor took a step closer towards becoming a smart state.
Moving forward, what the state needs was the actual formulation of its future economic and industrial development agenda in particular detailed action plans for each of its core cluster development to begin with, he pointed out.
Teng said Selangor was the most progressive state in Malaysia, contributing 22.6% of the national gross domestic product ahead of all other states and having the most diversified economy in the country.
“The state is currently ranked second in Malaysia with total approved investments of RM7.88bil in 2016 for the manufacturing sector alone.
“Considering the number of projects, Selangor is still far ahead of all other states with a total of 242 approved manufacturing projects last year,” he said.
Among the clusters, the machinery and equipment cluster led the grouping with a 16% share of projects within the state, Teng said.
Food and beverages, manufacturing, transport equipment, and life sciences clusters, held a double-digit share of 12%, 12% and 10%, respectively, while electrical and electronics cluster contributed 7%, he added. – Bernama