By Danial Dzulkifly
THE Selangor International Business Summit (SIBS) is gearing up to highlight the state’s emerging significance as a pivotal hub for trade and commerce in the Asean region.
The summit will demonstrate Selangor’s proactive strategy to magnify its regional economic influence, said state executive councillor for investment, trade and mobility, Ng Sze Han.
Ng said the Selangor government’s decision to host this event complements its vision to cultivate and foster trade partnerships.
He believes the summit will serve as a strategic platform to enhance the state’s branding, with its primary focus being to accentuate Selangor’s integral role in Malaysia and its potential as a premier gateway to the Asean community.
“The potential transaction value generated through the summit indicates the actual negotiations and interest from buyers and trade visitors to the expos organised.
“The interest will generate demand from the supply chain and thus help expand economic activities as a whole. Those who have yet to set up their operations in Selangor may also decide to do so to speed up their distribution and movement of goods after the summit,” he said in an interview with Selangor Journal.
This year, the state government has set a target of RM1.5 billion in potential transaction value for the state compared to RM1.45 billion in 2022.
The upcoming summit anticipates over 1,000 exhibition booths and is set to welcome around 50,000 trade visitors.
Carrying the theme ‘Selangor: The Gateway to Asean’, the annual trade summit is scheduled to take place from Oct 19 to 22 at the Kuala Lumpur Convention Centre.
The event is structured around six primary segments: the ninth Selangor International Expo Food & Beverage, the eighth Selangor Smart City & Digital Economy Convention, the fourth Selangor R&D And Innovation Expo, the ninth Selangor International Expo (Medic), the seventh Selangor Asean Business Conference, and the third Selangor Industrial Park Expo.
Ng recently highlighted Selangor’s pivotal role in driving Malaysia’s economic engine across multiple sectors.
For example, the manufacturing sector, which contributes 32.2 per cent of Malaysia’s total output, saw a notable nine per cent surge in 2022. Moreover, Selangor was responsible for 34.1 per cent and 26.5 per cent of national contributions in the construction and services sectors, respectively.
Of these, the services sector showcased the most impressive growth within Selangor, expanding by 13.6 per cent, indicating Selangor’s increasing appeal to diverse business entities.
Ng further explained that Selangor is rapidly cementing its stature across seven main sectors: electrical and electronics, life sciences, F&B manufacturing, transport equipment, machinery and equipment, digital investments, and logistics services.
Global exposure
With a commitment to nurture and delve deeper into these burgeoning sectors, the state is poised to attract even more investments.
These sectors span a range of industries, from aerospace to F&B and pharmaceuticals, all of which are geared to propel Selangor’s economic ascent and long-term sustainability.
This year, the summit will give them focus. Building on the momentum of its previous editions, this year’s summit has also expanded its media outreach, even participating in international expos to enhance brand visibility, according to Ng.
“SIBS has actively participated in international expos since last year, connecting with potential partners and spreading the exposure of SIBS globally.
“In Southeast Asia, SIBS has embarked on regional roadshows and met with business communities, government departments, as well as expo agents to seek further collaborations and attract delegations to attend the summit,” he said.
Larger goals
In line with the new Madani Economy framework introduced by Prime Minister Datuk Seri Anwar Ibrahim, the Selangor administration is fine-tuning its policies to resonate with federal ambitions.
This synchronisation notably encompasses the recently unveiled New Industrial Master Plan (NIMP) and The National Energy Transition Roadmap (NETR), which are both pivotal to the country’s ambition of emerging as the premier investment destination in the region.
“Being a state-owned initiative, SIBS is committed to aligning its direction and objectives with those of the Federal government,” said Ng.
To this effect, the state government focuses on constructing a sustainable ecosystem. This environment is tailored to nurture startups and tech enterprises, simultaneously aiding the traditional sectors in enhancing productivity and minimising waste through digital transformation.
“Our aim is to foster high-impact entrepreneurs pivotal for innovation, job generation, wealth creation, and making a constructive societal difference,” Ng elaborated.
A case in point is the Selangor Information Technology & Digital Economic Corporation (Sidec) — a state-affiliated company propelling Selangor’s digital metamorphosis, positioning it as Asean’s digital nucleus.
“Sidec zeroes in on three pivotal sectors of Selangor’s digital economy: E-Commerce, startups, and SME digitalisation,” he said.
Beyond bridging the digital chasm in Selangor, Sidec’s mission encompasses bolstering local startups to gain regional recognition.
By fostering business growth in Selangor and promoting SME digitalisation, Sidecseeks to magnetise digital investment and offer a conducive environment for emerging tech innovations in the region.
This article first appeared in the Selangor Journal monthly October 2023 edition, published on October 7, 2023.
