According to a study commissioned by Standard Chartered Bank, respondents see Asia as a growing region with over 85 percent operating and implementing in Asia or considering it for business activities, with Malaysia ranked ninth on the list.

This is reflected in the Malaysian Investment Development Authority (MIDA) annual report, which recorded that foreign direct investment (FDI) in Malaysia stood at RM64.2 billion (or US$15.5 billion) in 2020, amid the current global pandemic situation. Selangor, in particular, recorded the top investment destination in Malaysia for a third year running with a total of RM18.4 billion (or US$4.5 billion) in 2020.

With a diverse manufacturing base, high concentration of industrial activities, central location to markets and a skilled labor force, and reasonable access to global transportation and infrastructure, Selangor is a fully developed and industrialized state - definitely a force to be reckoned with in Asia.

Year after year, Selangor has never failed to contribute the most significant slice of the cake to Malaysia's GDP compared to other states. A similar comparison on how enormous the state economy's contribution to the country is would be to California for the United States.

Dedicated to service excellence

Invest Selangor always believes that it is crucial to bolster the aftercare aspects of the services to foreign investors to restore confidence and retain their presence.

Even during the first Movement Control Order last year, Invest Selangor was also involved heavily in the intermediaries between companies and the Ministry of International Trade and Industry to help fast track their application to restart their operation under the "Essential List" manufacturers.

Invest Selangor’s chief executive officer Dato' Hasan Azhari said, "It is key for us to ensure that the facilitation process will not stop once the investors decided to invest in the state.”

New vision for development

Selangor's long-term goal is to restore the pandemic-affected industry. Selangor launched S-DAICO, an aerospace division, last year with a 10-year action plan to promote Selangor as the region's key aerospace base.

Selangor is currently focusing on five core clusters with the highest potential in driving economic growth and quality investments that provide value-added returns for the people and the state.

The five core clusters are electrical and electronics, transport equipment, life sciences, food and beverage manufacturing, machinery, and equipment.

Last year, Selangor formed S-DAICO, an aerospace division solely to focus on the sectors to expedite the industry's recovery process post-pandemic.

At the same time, Selangor's rich biodiversity provides a solid foundation for the growth of the biotechnology industry, the second area of focus – offering abundant business opportunities, particularly in R&D projects for breakthroughs in agricultural productivity, discoveries in healthcare and the adoption of sustainable industrial processes.

Effective workforce management

Additionally, Selangor also boasts about 3.6 million workforces, who are largely skilled and multilingual.

"This is also another advantage to foreign companies, especially for those that are planning to use Selangor as their gateway to ASEAN markets," he noted.

Together with long-term commitment and support from the state government, these initiatives have ultimately made Selangor a more "customer-centric" and attractive investment destination.

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