SUBANG JAYA, 24 Dec: Increasing competition from the regional economy has prompted the State Government to intensify efforts to attract local investment to stimulate economic growth.
Investment, Industry and Trade Exco, Teresaa Kok said that it is expected that competition for foreign investment among ASEAN countries will increase in the coming year.
“With the weak global economic situation, Malaysia is expected to face tough challenges, particularly from East Asian countries, to attract foreign investors.
“Therefore, we have to come forward and offer more attractive investments to compete or take a prudent step in practising local reinvestment initiatives,” the Kinrara Assemblywoman said.
She added that the priority given by the State Government to successful local investors makes Selangor the largest contributor of investment in Malaysia.
This can be seen in this year’s investment statics where 71 percent or RM5.47 billion from the total investment in Selangor came from local investors.
While only 29 percent or RM2.21 billion, came from foreign investment.
“In addition, this step will also be beneficial to local investors to compete healthily while bringing profit to the country’s economic development,” she added.
Until last September, the State Government recorded a total investment of RM7.68 billion, covering 24 percent of the total investments in the country.