Selangor is expected to receive about RM50 billion worth of investments from the federal government and local developers over the next two years, said state executive councillor Dr Xavier Jayakumar.

He said of this total, about RM7.4 billion is for three to four new highways to be built in the state.

“The rest will result from the My Rapid Transit (MRT) and LRT extension projects.

“Other than that, we are also looking at four huge developments, which involves 6,070.29 hectares of land each, to be developed this year,” he said at the Global Indian SMI/SME Forum & Networking Summit Malaysia 2012 in Petaling Jaya today.

He said for the first 11 months of last year, Selangor had managed to secure a combined domestic direct investment (DDI) and foreign direct investment (FDI) of RM6.8 billion on the back of 218 manufacturing projects.

xavier jayakumar pc 190110 02 Xavier ( left ) said these projects had created approximately 15,000 jobs in Selangor.

This year, he said Selangor expects the DDI to balloon given that the amount of local development projects have increased tremendously.

“To increase the FDI, the strategy is to ask for foreign companies to invest in specific sectors such as the green technology, solar, information technology and research and development sectors,” he added.

Commenting on Malaysia’s gross domestic product growth of 5.2 percent last year, Xavier said the Selangor state government is happy as the target had been met.

“We hope to see the same kind of growth in future,” he said.

- Bernama