Monday, June 16, 2008

Selangor in talks with Dubai investors

The Pakatan Rakyat (PR) Selangor government has entered into talks with seven potential investors from Dubai to boost the state's economy.

Mentri Besar Tan Sri Abdul Khalid Ibrahim said he met the potential investors in his recent trip to Dubai.

"They (the investors) have expressed interest to invest in the state as they are confident in our (PR) management," said Khalid, after chairing a monthly meeting with government department heads today.

He said the investment value could amount to US$10 billion but he did not specify when and how the investments would start rolling in.
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He added that the investors were interested in various sectors of the state’s economy, particularly in the food and manufacturing industry.

Khalid said the investments would create ample opportunities for the people of Selangor, especially during the current "stressing" economic climate caused by soaring oil prices.

On another development, Khalid said he would make an announcement on Friday on how the state government will channel profits and revenue from natural resources to the people.

He said the announcement will be part of the government's approach to have a people-orientated economy.

"Civil servants and state executive councillors are just managers of the state's resources as ultimately, the people are the natural owners. We are interested in channelling revenues and profits from the state's natural resources to the people," said Khalid.

He said for example, sand and natural resources, under the previous government, contributed about RM20 million a year in revenue.

"If properly managed, these natural resources can contributed about RM200 million a year," said Khalid, adding that the revenue can then be put to better use to help the people.

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