Selangor Journal
Visitors at the Selangor International Business Summit (SIBS) 2023 in Kuala Lumpur on October 22, 2023. —Picture by AHMAD ZAKKI JILAN/SELANGORKINI

Exco: SIBS 2023 sets new record at RM6.12 bln in transaction value

By Yasmin Ramlan 

SHAH ALAM, Nov 16 —  The Selangor International Business Summit (SIBS 2023) has surpassed its initial target by fourfold and achieved its highest-achieving transaction value of RM6.12 billion during its four-day event last month. 

State executive councillor for investment, trade and mobility Ng Sze Han said the seventh edition of the summit, held from October 19 to 22, received a positive response and successfully drew 57,249 visitors. 

“This is one of the initiatives that the state government is taking in making Selangor as the main destination for the foreign investors,” he told the Selangor State Legislative Assembly here today. 

Ng said this in response to a question from Hulu Kelang assemblyman Datuk Seri Mohamed Azmin Ali about the state government’s preparedness to facilitate high-tech investments entering Selangor. 

During the tabling of the 2024 Selangor Budget on Nov 10, Menteri Besar Dato’ Seri Amirudin Shari announced that the annual trade summit will transition from a national-level event to a key investment programme in the Southeast Asian region beginning next year.

He said the state’s investment promotion agency, Invest Selangor Bhd, will begin SIBS’ transition to a major regional event to enhance the creative economy and celebrate the cultural diversity that is the strength of Southeast Asia.

Previously, Amirudin announced that the annual trade summit surpassed its RM1.5 billion target within just six hours the event commenced on October 19. 

SIBS 2023 features six core components, namely the ninth Selangor International Expo (F&B), the ninth Selangor International Expo (Medic), the third Selangor Industrial Park Expo, the seventh Selangor Asean Business Conference, the eighth Selangor Smart City and Digital Economy Convention and the fourth Selangor R&D and Innovation Expo. 

The summit showcases over 1,000 booths and concurrently holds several other side events, including the Selangor International Culinary Festival, Selangor International Coffee Week, Selangor International Healthcare Conference and Malaysia International Tea and Coffee Expo. 

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