Selangor records a decline in FDI in 2021 due to the pandemic and the delay in economic growth
KUALA LUMPUR: The unpredictability of the pandemic and lagging economic growth contributed to comparatively lower foreign direct investment (FDI) in Selangor in 2021, Invest Selangor Bhd said.
In a statement released today, the investment arm of Selangor State said the drop in FDI was also due to the lack of promotional missions and state engagement sessions abroad. due to the closure of international borders.
“According to the Malaysian Investment Development Authority (MIDA), Selangor received a total of RM7.5 billion in investment in the manufacturing sector in 2021, mainly through Domestic Direct Investment (DDI) with a value investment of RM6.1 billion.
“Investment projects in the rubber, chemical, electrical and electronics, and transport equipment sectors were among the top industries, contributing 71% and valued at RM5.36 billion at the total value of the investment,” he said.
Invest Selangor noted that the targeted industrial cluster remained the largest contributor to approved investment value.
The agency also said that despite a relatively lower investment performance, Selangor continued to receive the highest number of manufacturing projects and created the best job opportunities in Malaysia, totaling 247 manufacturing projects. investment and 14,393 employment opportunities for its multi-skilled and versatile workers.
The statement said Selangor has been at the forefront every year since 2017 and received a total of 1,329 investment projects with a total capital investment of RM67.5 billion.
These projects have created a total of 83,934 manufacturing job opportunities in Selangor, he added.
“DDI has remained an important source of investment for Selangor. Since 2017, the state has received RM31.1 billion (46% of total manufacturing investment for 2017-2021), while maintaining the DDI at an average of RM6 billion per year.
“Selangor will continue to focus on attracting high-value and impactful projects for potential domestic and foreign investors and creating high-quality employment opportunities for its more than 6.5 million people,” said Invest Selangor. – Bernama