Selangor expects RM2.35 billion revenue next year

KUALA LUMPUR: Selangor is aiming to achieve revenue of RM2.35 billion next year, an increase of RM150 million compared to this year’s estimate, said Selangor Menteri Besar Datuk Seri Amirudin Shari.

He said revenue collection this year has reached RM2.43 billion as of November, surpassing the estimate of RM2.2 billion for 2024.

“For this year, we estimated RM2.2 billion. However, as of November 2024, we have already recorded RM2.4 billion,“ Amirudin told reporters at the Selangor International Business Summit 2024 Appreciation Dinner on Friday.

He said the growth in 2025 will be driven by the state’s newly introduced Zero Discharge Policies and Polluters Pay Principle.

“These initiatives are expected to contribute between RM72 million and RM80 million to the state’s income.”

When presenting the state budget earlier, Amirudin emphasised the importance of everyone in the Selangor government, businesses and society in understanding the potential, capacity and risks of artificial intelligence (AI).

“Rather than viewing artificial intelligence as a looming threat, we should approach it as a powerful force that we must harness. By doing so, we can ensure that AI’s benefits work in humanity’s favour, enhancing the quality of life for every Selangorean,“ he said.

“As industry practitioners, finding a way where workers are at the heart of your development philosophy is paramount.

“I am not suggesting that profits are unimportant; indeed, they are the cornerstone of the capitalist economy in which we live. However, we must be cautious not to fall into the pitfalls identified by economist Daron Acemoglu in his book Why Nations Fail, co-authored with James A Robinson, where he outlines the critical factors that lead to the failure of nations,“ he said.

Amirudin assured that the Selangor government is ready to work hand-in-hand to reap the benefits of new technology, increase the productivity of each worker, and increase the government’s efficiency through AI.

“That was the guiding philosophy of why I launched the Speed Selangor Policy, which will kick off next year, to reduce the processing and wait times businesses currently face when dealing with aspects like the planning permission or acquiring your business licence after receiving approval of your certificate for completion and compliance (CCC),“ he said.

Selangor aims for local authorities to provide business licences within 24 hours of ticking all the CCC boxes beginning next year.

Amirudin said Selangor also has ambitious targets in the field of semiconductors.

With a sizeable investment for 2025, it aims to attract more companies from China and Taiwan to call Selangor their new home, especially in the design phase of integrated circuits.

“These two are just some of the areas we are looking to expand and should be given requisite focus in next year’s Selangor International Business Summit (SIBS).”

One of the big components that will be fundamental to SIBS 2025 is Visit Selangor Year, which coincides with Malaysia’s chairmanship of Asean.

“Now is the time to leverage our networks and strengthen existing relationships. If there is a company you have interacted with in the past but hesitated to invest in Selangor, reach out to them.

“Initiate a conversation, arrange a meeting, and identify a location that would be ideal for their operations.

“Remind them of our Soft Landing Incentive, which allows them to bring their team and take full advantage of the co-working spaces available,“ Amirudin said.

Looking ahead, he said SIBS’s next focus will be on promoting high-growth sectors, embracing technological innovation, and cultivating a highly skilled international workforce capable of meeting the evolving demands of global industries.

SIBS 2025 will return to the all-in-one format and will be held in a single week, from October 8 to 11, at the Kuala Lumpur Convention Centre.