Selangor records lower FDI in 2021 due to pandemic, economic growth delay

KUALA LUMPUR: The unpredictability of the pandemic and economic growth delay contributed to a comparatively lower foreign direct investment (FDI) into Selangor in 2021, said Invest Selangor Bhd.

In a statement today, the Selangor state investment arm said the lower FDI was also contributed by the absence of the state’s promotional missions and engagement sessions overseas due to international border closures.

"According to the Malaysian Investment Development Authority (MIDA), Selangor received a total of RM7.5 billion worth of investment in the manufacturing sector in 2021, contributed mainly by domestic direct investment (DDI) with an investment value of RM6.1 billion.

"Investment projects in rubber, chemical, electrical and electronics, and transport equipment sectors were among the top industries, contributing 71 per cent and valued at RM5.36 billion to the total investment value,” it said.

Invest Selangor noted that the focus industry cluster remained the largest contributor to the approved investment value.

The agency also said that despite a comparatively lower investment performance, Selangor continued to receive the highest number of manufacturing projects and created the highest employment opportunities in Malaysia, totalling 247 investment projects and 14,393 employment opportunities for its multitalented and multiskilled workers.

The statement said that Selangor has been at the forefront annually since 2017, and received a total of 1,329 investment projects with a total capital investment of RM67.5 billion.

These projects brought in a total of 83,934 employment opportunities in the manufacturing sector in Selangor, it added.

"DDI remained a strong source of investment for Selangor. Since 2017, the state received RM31.1 billion (46 per cent of total investment in the manufacturing sector for 2017-2021), while maintaining DDI at an average of RM6 billion annually.

"Selangor will continue to focus on attracting high value and impactful projects to both potential domestic and foreign investors and create high-quality employment opportunities for its over 6.5 million population,” said Invest Selangor. - Bernama