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Selangor Targets Growth in Tech Investment in 2020

Tech Investment in Malaysia in 2020
Image Credits: The Malaysian Reserve, Online News Article

The state government of Selangor is expecting to generate about RM12 billion in investment value in 2020 through its five targeted clusters of sectors.

The Selangor Investment, Industry and Commerce, Small and Medium Enterprises and Transport exco and standing committee Chairman stated that the state government has outlined machinery, transportation, food and beverages (F&B), life sciences, and electric and electronics (E&E) as its core investment sectors.

As part of efforts to draw in investment into Selangor, the government has established investment guidelines which focus on five clusters of sectors.

It also has various agencies that are generating revenue through the local and international exhibitions, the Chairman said at the signing of a memorandum of agreement (MoA) between Invest Selangor Bhd and Malaysian Green Technology Corp (GreenTech Malaysia) in Shah Alam.

For the first nine months of 2019 (9M19), the state’s investment value reached RM16.4 billion, exceeding its target of RM10 billion for the year.

In 2018, its investment was at a record high of RM18.9 billion and as of September last year, the state managed to reach RM16.4 billion, which was an exciting figure for us. So, for this year, it is raising the target to RM12 billion.

Separately, Invest Selangor, the investment agency for the state, is partnering GreenTech Malaysia to promote Malaysian technologies and products at the World Expo Dubai 2020.

Under the agreement, Selangor will be able to utilise the space of 12,000 sq ft under the Malaysia Pavilion to host investment promotion, forums and networking activities.

Selangor will collaborate with 13 state agencies and government-linked companies to promote the state’s initiative and action plans in its core industry clusters.

Together with GreenTech Malaysia, which is the implementing agency for the expo, the state is looking to promote Selangor’s core investment sectors at the international level.

Previously, Energy, Science, Technology, Environment and Climate Change Minister stated that Malaysia is targeting to achieve potential investments and businesses worth RM10 billion from the exposition.

The country is also set to secure 1,000 business leads and achieve 20 partnership agreements during the expo, which will be held for six months.

The CEO of GreenTech Malaysia stated that over 75 companies consolidated under six state governments and 21 ministries are expected to participate in the expo.

Malaysia Aims to Be a Hi-Tech Investment Destination

According to an earlier OpenGov Asia report, Malaysia is working to become the preferred destination for high-tech investment through Industry4WRD, according to the nation’s Deputy International Trade and Industry Minister.

The government also aims to be a comprehensive total solutions provider for advanced technology in the region.

With proper implementation, the government is confident that by 2025, it will be able to achieve improved labour productivity, increase manufacturing’s contribution to gross domestic product (GDP), enhance innovation capacity and create more high-skilled jobs.

The government has outlined Industry4WRD’s broad strategies and action plans in order to support the transformation of the manufacturing sector.

The policy aims to provide a holistic ecosystem that facilitates digital transformation through the five strategic enablers of funding, infrastructure, regulatory framework, skills and talent as well as technologies.

Malaysia will continue to work with many countries in adopting and advancing smart manufacturing, the benefits of which have far-reaching implications.

They can make manufacturing more agile and responsive, reduce equipment downtime and achieve greater operational and cost efficiencies.

Under the National Policy on Industry 4.0, a strong manufacturing sector would pave the way to enhanced productivity, job creation, innovation capacity, high-skilled talent pool and ultimately economic prosperity and societal well-being.

This would position Malaysia as a primary destination for smart manufacturing globally and attract more high-tech investments.

To this end, the government will work to establish and implement standards for interoperability, quality and safety for smart manufacturing and Industry 4.0 technologies.

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