KUALA LUMPUR — The manufacturing sector in Selangor has recorded nearly RM6 billion of investment in the first half of the year due to the contribution from the previous Selangor International Business Summits (SIBS), says the state Menteri Besar Amirudin Shari.

In his opening speech at the launch of the third SIBS 2019 here today, Amirudin said the state government is on track in reaching its forecast of RM10 billion of investment in the sector for 2019.

“This comes swiftly on the back of our record-breaking investment performance in 2018, at nearly RM19 billion in the manufacturing sector alone, more than double our initial target.

“This is an increase of nearly 285 per cent compared to the investment performance in 2017,” he said in his speech.

The official launch of the SIBS 2019 with the theme of ‘Your Gateway To ASEAN’ was graced by Selangor Ruler Sultan Sharafuddin Idris Shah and Tengku Permaisuri Selangor Tengku Permaisuri Norashikin at the Malaysia International Trade and Exhibition Centre, here, which was followed by a visit to the Selangor International Expo.

Amirudin said the records prove that business leaders could reap the rewards resulting from the state’s strong economic fundamentals offered by the state, which includes its excellent infrastructure and vibrant and dynamic talent pool graduating from various universities in Selangor.

“Over the past 11 years, this administration has braved strong winds to rise to the challenges we have faced to make Selangor the smarter place to invest and to do business compared to other states in the region.

“Selangor is the Golden State of Malaysia, a regional economic powerhouse, and has contributed nearly a quarter of Malaysia’s GDP in the past three years. Our story is one built on hard work and smart work, bringing job-creating investment to Selangor,” he said.

Amirudin said the SIDS 2019 creates an opportunity for both local and foreign investors to meet with like-minded multinational companies and Small and Medium Enterprises (SMEs) to explore the opportunities offered.

“For companies considering new investment here, I want to be as clear as possible. Selangor is the best place in the region to do business. Our access to Malaysia’s and the region’s markets mean that we are the Gateway to ASEAN,” said Amirudin.

Meanwhile, Investment, Industrial and Trade and Transport state exco Dato’ Teng Chang Khim had in his welcoming speech earlier said the state hopes to achieve a transaction value of US$60 million (RM250 million) from SIBS 2019.

Also present at the launch include Selangor State Secretary Dato’ Mohd Amin Ahmad Ayha, Invest Selangor chief executive officer Dato’ Hasan Azhari, and Menteri Besar Incorporated chief executive officer Raja Shahreen Raja Othman.

The four-day event that begins today sees the participation of 24 countries, which is set to showcase over 800 booths and receive an estimated 30,000 domestic and international visitors.

ENDS