The Selangor International Business Summit (SIBS) 2023 is set to be the best platform for ambitious businesses eager to expand their reach into the Asean market by building a solid foundation in Selangor, said Ng Sze Han.
Targeting RM1.5 billion in potential transaction value, the state executive councillor for investment, trade, and mobility said this year’s edition is expecting 906 exhibition booths and some 50,000 trade visitors.
“I believe SIBS 2023 will continue to strengthen Selangor’s position as a gateway to the Asean region and a preferred investment destination in Asia.
“I am happy to announce the upcoming seventh edition of SIBS this October will be the biggest edition to date, with more participation from local and international exhibitors, industry thought speakers and captains of industry.
“There will be six main programmes with an additional five side programmes which are being lined up to run concurrently during this four-day event, and I look forward to meeting everyone and creating the synergy for our mutual benefits,” he said in his speech during the official launch of SIBS 2023 at the Kuala Lumpur Convention Centre earlier today.
Citing Selangor’s economic achievements in the previous year, Ng said the state led the expansion of the Malaysian economy by contributing 25.5 per cent to Malaysia’s gross domestic product (GDP) in 2022.
Selangor’s economic growth of 11.9 per cent last year, above the national growth rate of 8.7 per cent, is even more impressive compared to the economic growth achieved by the other countries in the region, demonstrating its continuous robust and active activities.
“It is noteworthy that Malaysia’s record of 8.7 per cent economic growth in 2022 was the highest among Asean countries. For comparison, Vietnam’s economy grew at 8 per cent, the Philippines at 7.6 per cent, Indonesia at 5.3 per cent, and Cambodia at 5.1 per cent.
Ng also detailed Selangor’s central role in Malaysia’s economic narrative across sectors.
For example, the manufacturing sector, which accounts for 32.2 per cent of national production, surged by nine per cent in 2022, while the state’s contributions to the construction and services sectors reached 34.1 per cent and 26.5 per cent of national aggregates, respectively.
He said the services sector, in particular, exhibited the state’s steepest climb, growing at 13.6 per cent, reinforcing Selangor’s stature as a magnet for many business ventures.
“Selangor is establishing itself as a linchpin within seven core clusters encompassing electrical and electronics, life sciences, food and beverages (F&B) manufacturing, transport equipment, machinery and equipment, digital investment, and logistics services.
“The state will continue to promote and explore these rapidly growing sectors and bring more investment to the state. These clusters include a range of industries from aerospace, to F&B, to pharmaceuticals; all of which will serve as the right tools to accelerate Selangor’s economic growth and sustainability,” Ng added.
Meanwhile, Invest Selangor Bhd (Invest Selangor) chief executive officer Datuk Hasan Azhari Idris, who was also present at the launch, noted that SIBS 2023 anticipates participation from international pavilions spanning China, Indonesia, Japan, India, Korea, Kazakhstan, Vietnam, Australia, Nigeria, and Uganda.
The event will showcase the upcoming regional conference, the Selangor Asean Business Conference (SABC) 2023, along with five other main programmes and other events co-located at the same venue.
“ SABC will persist in its discourse on regional geo-economic predicaments and prospects. The emphasis will be on Selangor’s strategic role in fostering transnational collaborations. This year, the spotlight will be on tailored panel sessions designed to open the doors to inter-Asean trade and investment opportunities,” he said.
Themed Selangor: Gateway to Asean, the annual trade summit will be held from October 19 to October 22 at the Kuala Lumpur Convention Centre.
The event will host six main components, including the ninth Selangor International Expo (F&B), the eighth Selangor Smart City & Digital Economy Convention (SDEC 2023), the fourth Selangor R&D And Innovation Expo (SRIE 2023), the ninth Selangor International Expo (Medic), and the third Selangor Industrial Park Expo (Spark 2023).