Selangor targets RM50 billion worth of investments this year

SHAH ALAM: Selangor aims to attract RM50 billion worth of investments this year, up from last year’s RM45 billion.

Menteri Besar Datuk Seri Amirudin Shari said the target was set given the improving economic development and the state’s ability to contribute to gross domestic product (GDP) by up to 0.5% this year.

“If we increase our contribution from 0.4% to 0.5% to the national GDP, it would raise our share of contribution from 25% to 26%,” he told reporters after delivering his New Year’s resolution speech at the state secretariat here today.

In 2022, Selangor made history when the state’s contribution to Malaysia’s GDP exceeded a quarter of the country’s economy at a rate of 25.5%, with an increase of 0.7% compared to the previous year.

Regarding the Shah Alam Stadium demolition, Amirudin said the relocation of the Tenaga Nasional Bhd (TNB) substation is being planned to avoid electricity supply disruption in the Section 13 area.

“We are negotiating with TNB to move it. If we build a new (sub-station), it will take another year before we can demolish the stadium, so we move it first.

“The demolition will be done immediately using machine tools and not explosives because it will affect the neighbourhood in that area,” Amirudin said. – Bernama