Selangor Journal: Selangor exceeds revenue targets, RM2.5 bln expected by year-end
SHAH ALAM, Aug 22 — Selangor has surpassed its projected revenue target of RM2 billion for the year, over four months ahead of schedule, said Menteri Besar Dato’ Seri Amirudin Shari.
He said the state government successfully amassed the amount earlier this month, and is expecting a total annual revenue of up to RM2.5 billion.
“We anticipate revenue of between RM2.3 billion and RM2.4 billion, provided more investments flow in within the year. The figures could even escalate to RM2.5 billion.
“However, if the revenue is linked to land, there’s a prescribed process that must be adhered to before such revenue is realised over a specific timeframe,’’ he said at a press conference following his address to civil servants at the state administration building here today, following his reappointment to office.
In 2022, Selangor contributed to 25.5 per cent of the national economy, up from 23.7 per cent in 2018, when Amirudin first took office.
During his swearing-in ceremony yesterday, the state ruler, Sultan Sharafuddin Idris Shah, cautioned the Selangor administration about lagging behind Penang, Johor and Sarawak in terms of investments and export value.
Responding to the ruler’s concerns, Amirudin said the issue is owing to the fact that over 60 per cent of Selangor’s economy is driven by the services sector.
“I recognise the concerns, and we have received similar advice from the Malaysian Institute of Economic Research, suggesting Selangor should not transition too rapidly into the services sector.
“For manufacturing in Selangor, its contribution stands at roughly 30 per cent. It’s not necessarily shrinking, but stagnating.
“Compared with Penang, which has seen a growth in manufacturing due to its designed ecosystem, especially in the electrical and electronic products sectors, Selangor’s strength during the Covid-19 (pandemic) was its services sector.
“This sector effectively cushioned the impact felt by the manufacturing sector during the pandemic,” Amirudin said.