The seventh edition of the Selangor International Business Summit (SIBS) 2023 will continue to be a platform to create economic opportunities not only for Selangor, but for Malaysia under a higher set target of RM1.5 Billion this year.
Speaking to BusinessToday exclusively, Selangor State Executive Council Member for Investment, Trade and Mobility Ng Sze Han said: “We are confident that we will hit the higher potential sales value of RM1.5 billion. More importantly, this year, greater focus is placed on certain economic sectors as the main drivers to boost investments, technology means and a knowledge base for Malaysia’s economy.
Invest Selangor has identified several key sectors to be focal points during the summit; namely Electrical & Electronics, Transport Equipment, Food & Beverages Manufacturing, Machinery & Equipment, Life Sciences, Digital Investment (Services) and Logistic Services (Services) under the promotional criteria.
These sectors have garnered a lot of interest and inquiries from domestic and foreign investors, especially from the regional companies which deal within the services sector. Last year, SIBS 2022 recorded the highest potential negotiated sales with a total of RM1.45 billion, compared to the previous year’s RM217.6 million.
Ng said the big jump in sales values between 2020 and 2022 was mainly due to more markets being opened post pandemic. SIBS then facilitated many potential buyers and investors in reviving up their trade. “A main success factor for SIBS is due to Malaysia’s location which is strategically located at the heart of Asia, coupled by factors of access to the biggest seaport, located in Selangor and KLIA.”
SIBS has stamped itself as the main definitive platform for industries to expand opportunities into new markets in Malaysia and ASEAN and obviously, the F&B industry remains a key area of interest for investors and businesses alike, not only in Selangor but also across the ASEAN region. It’s a plus point and a strategic choice for companies looking to expand their market reach and capitalise on emerging opportunities, focusing on the F&B sector within Selangor. Malaysia and ASEAN, which has a population base of 680 million.
Under the theme, “Selangor, Gateway to ASEAN”, SIBS 2023 is organised with an objective to strengthen Selangor’s position as a competitive and preferred investment destination in Asia, as well as to demonstrate the nation’s resilience, agility and foresight to become the regional hub for international companies growing into new sectors and market regionally.
The summit is explicitly designed to promote and facilitate engagement and communication with multiple concurrent events and networking sessions for all stakeholders and has been known to provide cross sectoral engagement, for example, biotech and bio-based companies participating in Selangor Smart City and Digital Economy Convention (SDEC) will be able to meet relevant exhibitors or buyers in SIE (Medic) which will also feature bio-tech as one of its components. F&B exhibitors may also visit SPARK to view any potential industrial parks for their expansion projects in the future and so on.
Participants will receive latest updates on current geo-economic issues and opportunities. Through the Selangor ASEAN Business Conference, exhibitors in other concurrent expos can obtain updates from the panel sessions and networking opportunities with the delegates attending the conference. Additionally, the two events within SIBS: Selangor Smart City and Digital Economy Convention (SDEC) and Selangor R&D and Innovation Expo (SRIE) are platforms for other exhibitors and trade visitors to learn more about the importance of innovation, and technology in their business philosophy. These are venues for them to explore any potential collaborations and improvement deemed suitable with their business plans and subsequently improve the overall supply chain of related sectors in general.
Ng added, sectors like medical and healthcare related industries are also in high demand across ASEAN region, mainly due to the impact of the recent pandemic episode. Countries are now concerned on public healthcare and would want to explore the best preparation in case there are new health challenges in the future.
The Digital Economy is also something of interest regionally. The ASEAN market has always been a growth center due to active younger and sizable middle-class population. This year, a crucial point is to venture towards investments and a high-tech industry sector to reduce high labor dependency. That’s why we have carefully selected high tech and promote the AI sectors which doesn’t require too much of labour. Within each sector we are looking to promote higher skilled and trained professionals to drive towards high automation. And that is one of the overall objectives.
Ng said it is important to continue to ensure good cooperation between the Federal Government and the Selangor State Government to help speed up the state’s economic recovery. The effort is now easier and more effective when the two move together to ensure processes which aid business runs smoothly.
“The most important thing for most investors is how fast is the approval process. The reduced red tape and timeline would be a cost saving to them. On that point, SIBS offers clear opportunities to break present supply chain pressures across many sectors.”
In end, SIBS 2023 will provide a marketplace for business communities to introduce and promote their products and services which will increase domestic and regional economic growth. The summit creates opportunities to interact with international exhibitors, to consider setting up global distribution centers which would provide job opportunities for the local workforce.
In term of gains, SIBS 2023, as with the previous editions of the important international event, will benefit the state and Malaysia through greater branding of the state, reflecting the importance of the state to Malaysia and to the region, as the gateway to ASEAN. Being the major contributor to Malaysia’s economic prosperity and growth, Selangor has the potential to compete internationally and gain access to the potential investors who wish to consider Selangor as their gateway to the region.
The summit is a continuous ecosystem and industry base for supply chain development. As part of its ongoing facilitation to new and existing manufacturers operating in the state, is to also supports their development of their supply chain outreach and business development especially the regional market. SIBS can provide such opportunities to manufacturers.
Ng said SIBS 2023 provides the marketplace for manufacturers and business community in Selangor to introduce and promote their products and services, thus spurring the domestic and regional economic growth while creating opportunities to international exhibitors in SIBS to consider setting up their distribution centre in Selangor and subsequently providing jobs opportunities to the local workforce.
“I am also very happy to see SIBS become a platform that creates valuable partnerships between states and federal governments, as well as with industry leaders from around the region. In this regard, I truly believe that SIBS 2023 will play an important role in the economic progress of the ASEAN region. Together, we can chart a prosperous future, where innovation, cooperation and determination pave the way for a brighter tomorrow.”
SIBS 2023 will continue to play a role as the region’s main event for international and local industry players to explore market potential in Malaysia and abroad.
SIBS 2023 will be held at the Kuala Lumpur Convention Centre from October 19 to October 22 and is expected to draw about 50,000 visitors, including industry players from across Asia. For details, visit HERE
