State standing committee on investment, trade, industry and small and medium industries chairman Teng Chang Khim said the initial RM10 billion target was achieved in September.

He said the committee is now studying last year’s total investment data before setting the investment target for 2023.

However, he cautioned the state would endure many challenges, with economists forecasting a “winter” in economic development.

“But there are those who believe that it is only external, not internal,” he told Bernama.

Teng went on to say that looking at the geopolitical and economic situation around the world, there was still uncertainty over interest rates in the US.

If the rate continued to rise, it would certainly cause a burden, he added.

Teng said the Selangor government took “bold steps” by implementing the First Selangor Plan (RS-1) to help drive economic development in the state in view of the current economic situation.

He said RS-1 covered three main development projects, namely the Integrated Development Region in South Selangor (Idriss), involving two districts namely Kuala Langat and Sepang; the Sabak Bernam Development Area (Sabda); and the Selangor Maritime Gateway (SMG).

“However, we have a bit of interruption because in two months, the state assembly will be dissolved and many businesses will not be able to be carried out during the period of dissolution,” he said, adding the state investment agency, Invest Selangor, will continue to operate.

Last month, Teng said he was optimistic about seeing an increase in investment following the reopening of China’s borders on Jan 8, despite anticipated economic headwinds for Malaysia this year.

In November, Teng revealed Selangor recorded RM30.82 billion worth of local and foreign investments between January 2020 and June 2022.