Latest news with #InvestSelangor
The Sun
7 days ago
- Business
- The Sun
Selangor's 2024 GDP hits record RM432b
SHAH ALAM: Selangor continued to cement its position as Malaysia's economic powerhouse, recording a historic GDP of RM432.1 billion in 2024, the highest among all states. This milestone marks a significant leap from RM406.1 billion in 2023, making Selangor the first and only state to cross the RM400 billion threshold for the two-year running. This performance reaffirms Selangor's role as the leading contributor to the national economy, accounting for a stellar 26.2% of Malaysia's total GDP, an increase from 25.9% in the previous year. Selangor's economic resilience and upward momentum are further evidenced by a robust y-o-y GDP growth rate of 6.3%, outperforming the national average of 5.1%. In a statement, Invest Selangor said that this achievement reflects Selangor's strong economic fundamentals, sustained investor confidence and strategic efforts by the state to drive high-impact, inclusive and sustainable growth. It added Selangor continues to chart the way forward, contributing an impressive 32.9% to Malaysia's total manufacturing output and reaffirming its position as the nation's leading industrial powerhouse. Selangor also leads in the services sector, contributing 26.9% to Malaysia's overall performance in this segment. The services sector is the largest contributor to Selangor's GDP, accounting for 61.1% and growing by 6.3% to reach RM263.9 billion. This growth is supported by subsectors such as wholesale and retail trade, F&B and accommodation, utilities, transportation & storage and information & communications, finance and insurance services, real estate and business services. The second-largest contributor is the manufacturing sector which accounts for 29.1% and recorded a growth of 5.1% driven by subsectors such as electrical & electronics, vegetable & animal oils and fats, food processing, beverages and transport equipment. 'Our continued progress is a reflection of the collective commitment and hard work of all stakeholders from the public and private sectors to civil society and the rakyat. Together, we have built a thriving ecosystem that not only attracts investment, but also creates quality jobs and uplifts communities,' said Selangor Menteri Besar, Datuk Seri Amirudin Shari. The state's diverse economy saw significant contributions from the services, manufacturing, and primary sectors, further strengthening its appeal as an attractive top tier investment destination with future-ready infrastructure and a highly skilled workforce. Looking ahead, Selangor will continue to champion regional economic leadership through business platforms such as the Selangor International Business Summit 2025 (SIBS), taking place from Oct 8-11 at the Kuala Lumpur Convention Centre. Now in its 9th edition, SIBS has become one of Southeast Asia's premier trade and investment events, fostering business interaction and matching, knowledge exchange and global partnerships. 'Selangor's impressive GDP performance is the result of long-term planning and targeted initiatives to attract quality investments across high-growth industries,' said Invest Selangor Bhd CEO Datuk Hasan Azhari Idris.
The Star
7 days ago
- Business
- The Star
Selangor hits record-high RM432.1bil GDP in 2024, leading Malaysia's economic growth
Selangor Mentri Besar Datuk Seri Amirudin Shari— KK SHAM/The Star SHAH ALAM: Selangor continues to cement its position as Malaysia's economic powerhouse, achieving an astounding Gross Domestic Product (GDP) of RM432.1 billion in 2024, the highest among all states. Invest Selangor said in a statement that the stellar achievement marks a significant momentum from RM406.1 billion in 2023, making the state as the first ever to cross the RM400 billion threshold for two consecutive years. According to the statement, the outstanding performance reaffirms Selangor's role as the leading contributor to the national economy, accounting for a stellar 26.2 per cent of Malaysia's total GDP, an increase from 25.9 per cent the previous year. "Selangor's economic resilience and upward momentum are further evidenced by a robust year-on-year GDP growth rate of 6.3 per cent, outperforming the national average of 5.1 per cent. "This achievement reflects the state's strong economic fundamentals, sustained investor confidence and strategic efforts by the state to drive high-impact, inclusive and sustainable growth," the statement said. Invest Selangor further noted that last year, the state contributed 32.9 per cent to Malaysia's total manufacturing output as well as being the leading services sector, contributing 26.9 per cent to the nation's overall performance in the sector. "The services sector is the largest contributor to Selangor's GDP, accounting for 61.1 per cent and growing by 6.3 per cent to reach RM263.9 billion. "This growth is supported by subsectors such as wholesale and retail trade, food and beverages, accommodation, utilities, transportation, storage, information and communications as well as finance and insurance services including real estate and business services," the statement noted. The second-largest contributor is the manufacturing sector which accounts for 29.1 per cent and recorded a growth of 5.1 per cent driven by subsectors such as electrical and electronics, vegetable and animal oils, and fats, food processing, beverages and transport equipment. In the same statement, Selangor Menteri Besar Datuk Seri Amirudin Shari said the continued progress is a reflection of the collective commitment and hard work of all stakeholders, from the public and private sectors to civil society and the people. "Together, we have built a thriving ecosystem that not only attracts investment but also creates quality jobs and uplifts communities,' he said. The agency also expressed the state's commitment to champion regional economic leadership through business platforms such as the Selangor International Business Summit (SIBS) 2025, taking place from Oct 8 to 11 at the Kuala Lumpur Convention Centre (KLCC). Invest Selangor chief executive officer Datuk Hassan Azhari Idris said the impressive performance is the result of long-term planning and targeted initiatives to attract quality investments across high-growth industries. "At Invest Selangor, we are focused on facilitating sustainable, innovation-driven investment while enhancing Selangor's global competitiveness. This October, SIBS 2025 will once again serve as a powerful platform to showcase Selangor's economic strengths and connect investors with real opportunities," he said. - Bernama
New Straits Times
7 days ago
- Business
- New Straits Times
Selangor hits record RM432.1bil GDP, retains top spot
KUALA LUMPUR: Selangor has strengthened its status as Malaysia's top economic contributor, charting a record-high gross domestic product (GDP) of RM432.1 billion in 2024. Invest Selangor Bhd reported that this is up from RM406.1 billion in 2023, making Selangor the only state to surpass RM400 billion in GDP for two consecutive years. The state's share of the national GDP also rose to 26.2 per cent, compared to 25.9 per cent in the previous year. Selangor's GDP expanded by 6.3 per cent year-on-year, outpacing the national growth rate of 5.1 per cent and reflecting the state's broad-based economic strength underpinned by solid fundamentals and sustained investor interest. Selangor also accounted for 32.9 per cent of Malaysia's total manufacturing output, reaffirming its role as a key industrial hub, while leading the services sector with a 26.9 per cent share of the national total. The services sector remained Selangor's main growth driver, contributing 61.1 per cent to its GDP and expanding by 6.3 per cent to RM263.9 billion. Growth was driven by subsectors such as wholesale and retail trade, food and beverages, accommodation, utilities, transportation and storage, and information and communications, and finance and insurance, as well as real estate and business services. Manufacturing was the second-largest contributor at 29.1 per cent, registering a 5.1 per cent increase. Key drivers included electrical & electronics, vegetable & animal oils and fats, food processing, beverages and transport equipment. Selangor chief minister Datuk Seri Amirudin Shari said Selangor's continued progress is a reflection of the collective commitment and hard work of all stakeholders from the public and private sectors to civil society and the rakyat. "Together, we have built a thriving ecosystem that not only attracts investment but also creates quality jobs and uplifts communities," he said in a statement today. Selangor's diversified economy saw significant contributions from the services, manufacturing, and primary sectors, reinforcing its position as a top-tier investment destination with strong infrastructure and a skilled workforce. Looking ahead, the state aims to maintain its regional economic leadership through business platforms like the Selangor International Business Summit (SIBS) 2025, which will be held from Oct 8 to 11 at the Kuala Lumpur Convention Centre. Now in its ninth edition, SIBS has become one of Southeast Asia's premier trade and investment events, facilitating business interaction and matching, knowledge exchange, and global partnerships. Selangor also remains focused on collaborative, data-driven, and innovation-led strategies to build a resilient, inclusive, and high-performing economy. Invest Selangor's chief executive officer said Selangor's impressive GDP performance is the result of long-term planning and targeted initiatives to attract quality investments across high-growth industries. "At Invest Selangor, we are focused on facilitating sustainable, innovation-driven investment while enhancing Selangor's global competitiveness. "This October, SIBS 2025 will once again serve as a powerful platform to showcase Selangor's economic strengths and connect investors with real opportunities," he said.
Free Malaysia Today
7 days ago
- Business
- Free Malaysia Today
Selangor records all-time high RM432.1bil GDP in 2024
Selangor contributed to 26.2% of Malaysia's overall GDP last year, up from 25.9% in 2023. PETALING JAYA : Selangor recorded an all-time high gross domestic product (GDP) of RM432.1 billion last year, the highest among all states across the country. Invest Selangor said this was a significant increase from the RM406.1 billion GDP reported in 2023, adding that Selangor remains the only state to cross the RM400 billion mark two years in a row. It added that Selangor contributed to 26.2% of Malaysia's overall GDP last year, up from 25.9% in 2023, Bernama reported. In terms of year-on-year growth, Selangor's stood at 6.3%, outpacing the national average of 5.1%. Invest Selangor said the services sector was the largest contributor to the state's GDP at RM263.9 billion, or 61.1%, with a year-on-year growth rate of 6.3%. 'The second-largest contributor was the manufacturing sector, which accounted for 29.1% of the GDP, driven by subsectors such as electrical and electronics; vegetable and animal oils and fats; food processing; beverages; and transport equipment,' it said. Invest Selangor CEO Hasan Azhari Idris said this GDP performance was the fruit of long-term planning and initiatives aimed at wooing quality investments in high-growth sectors. 'At Invest Selangor, we are focussed on facilitating sustainable, innovation-driven investment while enhancing Selangor's global competitiveness,' he added.
The Sun
06-05-2025
- Business
- The Sun
Selangor opens at Expo 2025 Osaka with partnerships, tourism campaigns, and investor recognition
OSAKA, JAPAN: Selangor Week which is organised by Invest Selangor officially opens on yesterday at Expo 2025 Osaka, marking the beginning of a powerful showcase of strategic partnerships, cultural exchange, and global collaboration. Held at the Malaysia Pavilion, the week- long programme positions Selangor as a forward-looking, globally connected state where technology, culture and youth drive innovation and resilience. The opening ceremony was graced by the presence of the Crown Prince of Selangor, Tengku Amir Shah Ibni Sultan Sharafuddin Idris Shah Alhaj, , accompanied by Menteri Besar Selangor, Datuk Seri Amirudin Shari; Selangor State secretary, Datuk Dr Ahmad Fadzli Ahmad Tajuddin; Selangor State Executive Councillor for Investment, Trade and Mobility, Ng Sze Han; together with Ambassador of Malaysia to Japan Datuk Shahril Effendi Abd Ghany, and Malaysia Pavilion Director, Ellyza Mastura Ahmad Hanipiah. Amirudin said 'Selangor represents the Malaysia of tomorrow that is dynamic, inclusive and globally connected. From energy transformation to education, tourism and creative industries, we are creating a state where technology, talent and culture work hand in hand to unlock long-term value. Through strategic partnerships and bold ideas, we are inviting the world to invest not only in our economy but in a shared and sustainable future.' The opening ceremony also features the formalisation of two strategic collaborations led by Worldwide Holdings Berhad, the strategic investment arm of the Selangor State Government. The first agreement outlines a joint effort to explore the development of an integrated gas infrastructure network in Selangor, including a liquefied natural gas receiving terminal, lateral pipelines and downstream gas distribution systems. This collaboration reinforces Selangor's role in supporting Malaysia's low-carbon transition and enhances the state's long-term energy security. A separate memorandum signed between Tourism Selangor, the National Association of Private Educational Institutions and the Japan Travel Bureau Malaysia strengthens ties between Malaysia and Japan by promoting Selangor as a leading destination for education tourism. This initiative includes joint promotional campaigns and student exchange programmes that aim to position Selangor as a regional hub for learning and cultural engagement. This is in line with Visit Selangor Year 2025 campaign in Osaka, an effort to attract eight million tourist arrivals and generate RM11.7 billion in tourism receipts by the end of next year. With the tagline 'Surprising Selangor', the campaign invites travellers to discover the unexpected, from thrilling outdoor adventures to immersive cultural experiences and the genuine warmth of Selangor's communities. The programme also includes the announcement of a new collaboration between Selangor FC, HARO Sports and Entertainment and SUPER GT Malaysia, which combines the excitement of football and motorsports to create immersive crossover fan experiences. Through this partnership, fans enjoy unique privileges across both sporting events and engage with exclusive co-branded content and merchandise that redefine how sport connects people in Selangor. Meanwhile, at the heart of the launch is Mechamato as Selangor week's mascot, a Malaysian character who now symbolises the spirit of Selangor at Expo 2025. The vision of Mechamato captures the state's vision where homegrown creativity meets technological imagination and where the next generation is empowered to shape a more inclusive and innovative future. Selangor Week also serves as a platform to honour longstanding Japanese partners through the Selangor Japan Investors Appreciation Awards. The ceremony recognises more than six decades of meaningful contributions to Selangor's economic development. 'Selangor Week at Expo 2025 Osaka is more than a showcase. It is a statement of intent. We are here to build bridges, deepen our ties with Japan and the global community, and spotlight Selangor's readiness to lead in sustainable development, industrial innovation and regional collaboration. The Japanese companies we honour today have played an instrumental role in our journey and we look forward to shaping the next chapter of growth together,' said Amirudin. Among the honourees are companies that shape the state's industrial landscape through sustained investment, technological excellence and local job creation. These include Canon Inc., Daiki Aluminium Industry Co., Ltd., Daikin Industries Ltd., and DENSO Corporation. Also recognised are Mitsui Mining & Smelting Co., Ltd. (Mitsui Kinzoku) Nichia Corporation, Nippon Electric Glass Co., Ltd., Panasonic Holdings Corporation and Sony Group Corporation. These companies represent the strength and depth of the partnership between Japan and Selangor. Their continued investment affirms the state's stability, global competitiveness. As Selangor Week progresses, the state welcomes investors, partners and collaborators to build on these foundations and shape a resilient future together. Ellyza Mastura said, 'On behalf of the pavilion, we take immense pride in serving as the cornerstone for Selangor's continued pursuit of global collaboration and investment excellence. Committed to fostering meaningful partnerships, we stand dedicated to supporting initiatives that expand economic opportunities and strengthen international ties. Aligned with our target of securing RM13 billion in potential trade and investments as well as welcoming 1.5 million visitors, we remain steadfast in our mission to create a dynamic platform for engagement, innovation, and sustainable growth on the stage of Expo 2025 Osaka, Kansai.
