Selangor remains top contributor to nation's economy - Zafrul

 

Selangor’s total trade rose by 14.2 percent year-on-year (y-o-y) to RM806.3 billion in the first half of this year (1H2023) from RM706.02 billion in 1H2022, making it the largest contributor to Malaysia’s economic growth.

Investment, Trade and Industry (MITI) Minister Tengku Zafrul Abdul Aziz said at the same time, exports rose 9.1 percent y-o-y to RM360.04 billion from RM330.1 billion in 1H2022, noting that Selangor has continued to maintain its positive momentum since 2021 to June 2023

He said this during a press conference after launching Selangor’s MITI Open Day 2023 today.

In his speech earlier, Zafrul (above) said over the past 50 years, Selangor has become a manufacturing hub for various industries such as automotive, electrical and electronics, logistics services, aerospace, and pharmaceuticals over the past 50 years.

“As a result, it has a mature value chain ecosystem which helped the growth of many local companies including small and medium enterprises, and the economic spillovers led to the development of towns such as Serenia City, Gamuda Cove, Setia Alam Sari, and Serene Heights, among others,” he said.

Meanwhile, Selangor Menteri Besar Amirudin Shari said he is confident that Selangor will remain the largest contributor to the country's gross domestic product (GDP) this year with its total contribution surpassing 25.5 percent recorded in 2022.

He said Selangor’s strong foundations proved to be an advantage in economic development activities compared to other states.

“I believe Selangor will remain the biggest contributor to the economy, at least in the next three to four years," he said.

Amirudin said if the Selangor Five Determinations for Five Years (Selangor 5 Tekad) development framework gets the mandate to continue after next week’s state election, Selangor will be able to continue to be the biggest contributor to the country's GDP for the next five to 10 years.

“There are two important sectors in Selangor, namely manufacturing and services, and we want to drive further growth for the manufacturing and service sectors," he added.

- Bernama