KUALA LUMPUR: Selangor needs to reinvigorate its manufacturing capacity to fulfil local needs and the bigger Asian markets to reach its RM500 billion gross domestic product (GDP) target in two to three years target, Selangor Menteri Besar Datuk Seri Amirudin Shari said.
He said while services and manufacturing sectors remain valuable components in Selangor economic contribution to Malaysia, at 32.6 per cent and 26.7 per cent respectively, the state government cannot be purely satisfied or complacent.
"According to multiple reports, based upon the recovery of the world economy, the International Monetary Fund (IMF) expects the emerging and developing Asia to grow by 4.3 per cent in 2024."
"The World Bank also projected that Malaysia would grow its economy by 4.3 per cent this year and 4.5 per cent in 2025. We need to continue working hard, and working with partners like MITI and MIDA, to rise to the challenge and find ways to build a RM500 billion ringgit economy in the coming two or three years.To go about achieving that, we cannot rely purely on services, but reinvigorate Selangor's manufacturing capacity, to not only fulfil local needs but also for a bigger Southeast Asian and the larger Asian markets," he said in his keynote address at MIDA Invest Series here today.
Amirudin said Prime Minister Datuk SeriAnwar Ibrahim's commitment to Malaysia exploring a strategic partnership with BRICS economies should be seen an opportunity for companies especially thosewho are already present in Selangor.
He said Brazil, Russia, India andSouth Africa represent a greater opportunity while traditional Europe is at the crossroads socially and economically.
He also said Selangor took up the challenge to be the first state in Malaysia to embark on a medium-term socioeconomic plan which is outlined in the First Selangor Plan.
The plan aims to uplift living standards for families, increase environmental resiliency based on sustainability, and building a 21st century system of government which is digital first and more responsive.
Amirudin tabled the Mid-Term Review of the plan earlier this month, which was passed in the Selangor State Legislative Assembly.
"After it was passed unanimously in August 2022, last week was the culmination of an effort to achieve two things; firstly, to review our performance and ability to execute some of the big plans we made, and secondly, to recalibrate some new focus areas, in line with the latest needs both by the business community and Selangorians at large."
"And I am glad to report that as of the end of June, 33.7 per cent of the main projects and initiatives have been completed, while the remaining 66 per cent are at various stages of implementation with key areas like the Integrated Development Region in South Selangor (IDRISS), Sabak Bernam Development Area (SABDA) or even the new Shah Alam Sports Complex," he said. -end-