Dato Teng Chang Kim Selangor State Executive Councillor of Industry & Trade hailed the return of the 6th Selangor International Business Summit as an opportunity to strengthen Selangor’s position as a competitive and preferred investment destination in Asia.
After two years of pandemic and the event held in hybrid, SIBS 2022 will be held offline with high expectations of drawing global investors into the most successful state in the country. Dato Teng adds the event will offer an avenue to demonstrate the State’s resilience, agility and determination to succeed and move forward despite all the challenges faced over the past two years.
Selangor is the most progressive and leading state n the country with a nearly 25% contribution to the nation’s economic growth, it has the obligation to lead the way to ensure that Malaysia improves its economic condition, for the benefit of the people said the Exco member.
In the first quarter of 2022, Malaysia attracted a total of RM42.8 billion worth of investment in manufacturing, services, and primary industries. FDI remained the main source of investment, contributing 65% or RM27.8 billion. From January to March 2022, Selangor received RM3.3 billion worth of approved investments in manufacturing. Of that amount, 72.7% or RM2.4 billion were Foreign Direct Investment.
This year SIBS2022 has been designed to provide the platform for potential investors to look at the supply-chain capabilities of Selangor as well as to look at potential locations within the state for their business expansion plans. SPARK with the participation of key industrial park developers and its ecosystem will become the key event for these delegations to visit. Apart from SPARK, the Selangor ASEAN Business Conference will also be the networking avenue for them to meet local and international partners, in addition, to obtain updates on the ASEAN market opportunities and challenges.
Additionally, the event will support the domestic market as a potential growth area, especially for entrepreneurs participating in concurrent expos. The Domestic buyer’s program with supermarkets, which was initiated last year, has proven to be a hit. In last year’s edition, the program successfully onboarded 25 entrepreneurs with a total of 175 SKUs with two participating Supermarkets, LULU Hypermarket, and ST Rosyam Mart. This year, plans are to expand it and onboard a few more supermarkets to give a wider coverage and market segments.
Dato Teng concluded by declaring that Selangor welcomes all participants to explore the many opportunities being provided in the summit!
