By Sherilyn Pang
SHAH ALAM, Oct 14: Being the largest economic contributor to the country’s gross domestic product (GDP), Selangor should figure out its direction and tap on its biggest strength in this digital era, its talent pool, according to Asean Business Club board member Chew Seng Kok.
During a session at the Virtual Selangor Asean Business Conference (SBAC) 2020 today titled ‘Enhancing Malaysia’s Economic Direction for Greater Growth in an Era of Global Trade Uncertainty and in Tandem with Asean’, Chew highlighted how Selangor can tap on regional opportunities despite external headwinds that lead to the current bearish economic situation.
He said the Covid-19 pandemic has forced economies into rapid digital adoption and that Malaysia, in particular Selangor, has a digitally-adept talent pool that must be harnessed.
“We have very good talent who are tech-savvy but it seems we have not harnessed the potential of our workforce especially during these times of digital transition. Are we doing enough?” he asked.
“Malaysia should be going out into the world now and saying we have a great workforce and a digital-minded economy. We also have a government that is ready to roll out. We need to start riding on this wave of opportunities before countries that were previously behind us start overtaking us and leaving us behind,” said Chew, adding that the country and the state must move fast to capture the increasing inflow of foreign investment interest.
“We have a good state government to approve lands and infrastructure and Selangor, on its own, should be able to do all these things already by now, with Mida or Matrade supporting them,” he said in reference to the Malaysian Investment Development Authority and the Malaysia External Trade Development Corporation.
According to US–Asean Business Council president and chief executive officer Alex Feldman, the Selangor state is well-poised to continue attracting foreign investments as Malaysia remains as the gateway into Asean for many US businesses.
“As the gateway to Asean, Malaysia — and Selangor specifically — has an important role to play. Malaysia’s geographical position and its educated workforce make the country a desirable destination for foreign direct investment,” said Feldman.
The US-Asean Business Council is an organisation recognised in the Asean charter, representing over 160 largest US companies to facilitate businesses and networks in the region.
Feldman added that Malaysia is attractive for foreign investors due to its strategic location and an educated workforce which bode well to stimulate foreign business interest in the region.
“Malaysia holds a high-value position in numerous global supply chains including those related to advanced manufacturing, technology and personal protective equipment (PPE) manufacturing where the (Covid-19) pandemic has created a surge of demand for this product.
“So, state governments do matter and Selangor has a great advantage with its education and university systems throughout the state. Also, it has great proximity to the Kuala Lumpur city centre and airports.
“It is critical that Selangor differentiates itself as it competes with other states in the country. However, it does have to figure out what it wants and then strategise ways to implement those initiatives to achieve its visions,” he said.
Some of the key issues that were being highlighted during the session include fragmented policies and political instability in Malaysia that continue to pose a challenge to businesses on top of the lack of standardisation of regional policies.
The SIBS 2020 was launched today and will run from October 14 to 17, and offers three main components — Selangor International Expo, Selangor Asean Business Conference and Selangor Smart City and Digital Economy Convention.
