KUALA LUMPUR (Oct 14): Selangor’s investment arm, Invest Selangor Bhd, is now only expecting about RM8.5 billion worth of investments in the state for this year due to the Covid-19 pandemic, said state executive councillor Datuk Teng Chang Kim. 

He noted that this would be much lower than Invest Selangor’s initial target of RM12 billion announced earlier in the year.  

Teng, who chairs Selangor’s standing committees for investment, industry and commerce and small and medium enterprises (SMEs), said that as of June 30, the state managed to obtain RM3.3 billion worth of investments.  

On top of that, Teng updated that there are RM5 billion worth of investments at hand for which the approval is still pending.  

"So we believe that by the end of this year, there will be at least another RM5 billion of investments that will be approved, which means we expect to have about RM8.5 billion of investments approved for Selangor. 

"If that is the case, I would say that we are quite fortunate, although it is much lower than last year. 

"We should be satisfied [with this projection] in view of the [Covid-19] pandemic," he told a virtual press conference following the launch of the Selangor International Business Summit 2020 (SIBS 2020) today.

Last year, Selangor recorded total approved investments of RM17 billion. Meanwhile, in 2018, the state achieved its highest investment record in 25 years at RM18.9 billion.  

Teng said Invest Selangor will continue to focus on its five targeted clusters of sectors, as outlined in the Selangor Industrial Master Plan, which are machinery, transportation, food and beverages (F&B), life sciences, and electric and electronics (E&E).

SIBS 2020, launched by Selangor Menteri Besar Datuk Seri Amirudin Shari, runs from today until Saturday (Oct 17). The business summit, which is being held virtually, brings together global brands and industry players from around the world to help businessmen reset and reboot while providing valuable knowledge sharing, networking and business matching for all trade visitors.

SIBS 2020 will continue to have three main components, which are the Selangor International Expo, Selangor Asean Business Conference and Selangor Smart City and Digital Economy Convention.

The four-day online sessions include two virtual expositions, webinars, live conferences, online networking and business matching opportunities.

Amirudin said: "Over the years, this administration has braved strong winds, and risen to the challenges to make Selangor the preferred destination to invest and do business in the region.

“Hence, the Covid-19 pandemic is just another challenge that we have to go through along the way and, God willing, we will be able to make it, with strong support from everyone," he said.