Speaking at the launch of Invest Selangor’s new website, Teng said the figure was a conservative amount, due to the global economic slow down.

Teng said however that the state government was hopeful that the total investments for 2016 would match last year’s tally of RM7.95 billion.

Invest Selangor is the investment arm of the Selangor state government and is chaired by Menteri Besar Azmin Ali.

To deal with the lower investment prospects brought about by the global economic climate, Teng said the state government was increasing its efforts to draw investments.

He noted that throughout 2015, Invest Selangor visited 19 cities around the world to promote the state and meet potential investors, while this year, by the end of June, Invest Selangor would have visited 20 cities.

The Selangor DAP vice-chairman said two industries which were expected to be primary growth drivers this year was the bio-tech and aerospace industries.

He added that the state government was working closely with the Federal Government to develop the aerospace industry.

“We have no problems working with the Federal Government, we work as a team,” he said, adding such cooperation was mutually beneficial for both parties.

He also revealed that the construction of UMW group’s Aerospace Hard Metal Manufacturing Park in Serendah will be completed in 2016, with operations expected to start some time in 2017.

The plant will produce fan cases for Rolls-Royce plc’s aircraft engines and provide some 200 high skilled jobs.