KUALA LUMPUR, Collective efforts between the Federal and state governments are essential to create a more cohesive and dynamic business environment in Malaysia, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. By aligning strategies and complementing each other's resources, the Federal and state governments can better support domestic industries and attract more investments into Selangor and Malaysia, he said. 'To seize these opportunities, Malaysia must develop an ecosystem conducive to innovation, entrepreneurship, and investment. 'This includes providing support to our entrepreneurs and small and medium enterprises (SMEs) and fostering strong partnerships between the public and private sectors,' he said in his speech at the 'Malaysian Investment Development Authority (MIDA) Invest Series: Selangor Unfolding Its Business Potential' event today. The programme was held in conjunction with the three-day Selangor International Business Summit (SIBS) 2024 which started today and ends on Saturday, July 27. Tengku Zafrul highlighted the progress made through Federal-state collaboration, noting that in 2023, 130,000 jobs were created through approved investments which rose to a historic high of RM329.5 billion, of which RM55 billion was secured by Selangor. 'For the first quarter of this year (1Q2024), approved investments rose by 13 per cent year-on-year (y-o-y) to RM83.7 billion. Of this, more than 56 per cent came from approved foreign investments. 'These investments will create 29,000 new jobs, marking a 14.6 per cent y-o-y increase for the nation,' he said, highlighting that Selangor is one of the top state contributors in terms of investments at RM12.4 billion during the quarter. He noted that in recent years, Selangor has seen significant investments in the manufacturing and services sectors, establishing itself as Malaysia's innovation and growth hub. 'We must build on our existing strengths and foundation to make Malaysia a high-income economy by 2025, and Selangor, wi th its many strengths, plays a crucial role in achieving this goal,' he added. Source: BERNAMA News Agency