Located at the heart of ASEAN, Malaysia has in recent years become an attractive investment destination. The State of Selangor, strategically located around the capital city of Kuala Lumpur and home to the administrative capital Putrajaya, has been pivotal to the success of the country and continues to play a leading role in Malaysia's economic development.
Selangor is one of the most developed states in the country with a stable socioeconomic environment and well-developed infrastructure. It has grown into a vibrant commercial centre, harbouring the economic and administration hub of Malaysia. The state's key attributes include a diversified manufacturing base, high concentration of industrial activity, central location to markets, skilled labour force and good access to transport and infrastructure.
In 2019, Selangor registered a GDP growth of 6.7%, higher than the national average of 4.3%, representing 24.2% of the country's economy. It boasts the best infrastructure and connectivity in the country, including rail, highways, world-class seaports and airports. As the most populous state in Malaysia, it is also home to the largest labour force in the country, reaching 3.6 million in 2019. Selangor houses more than 160 institutions of higher learning, producing more than 60,000 graduates per annum.
The state continues to attract investors domestically and abroad. In 2019, Selangor recorded direct investment of US$4 billion in the manufacturing sector, with a total of 351 approved manufacturing projects, an amount that is the highest in the country. Selangor's contribution to the country's economy has won it its reputation as the Golden State of Malaysia and the economic powerhouse of the country.
As Malaysia continues to embark on various mega-infrastructure projects to spur economic development, Selangor is well-positioned to capitalize on investment opportunities. Mega projects such as the Mass Rapid Transit (MRT), Light Rail Transit (LRT), Kuala Lumpur-Singapore High Speed Rail (HSR), East Coast Rail Link (ECRL), West Coast Expressway (WCE) and Klang Valley Double Track (KVDT) will continue to boost Selangor's connectivity and competitiveness as Malaysia's top state.
At this webinar, Dato' Hasan Azhari, CEO of Invest Selangor Berhad, will share with the members the business and investment ecosystem in Selangor, Malaysia and how businesses can leverage on Selangor to grow in the region. Dr Fahmi Ngah, Managing Director of Smart Selangor Delivery Unit, will provide a holistic overview on the Smart City initiatives and potential opportunities for international businesses. Hew Wee Choong, Vice President of Malaysia Digital Economy Corporation, will share on the digital economy ecosystem and how Malaysia is thriving as the preferred destination among global tech players.