KUALA LUMPUR: Selangor is pulling out all the stops in showcasing the best of the state to bring in more investors.
On Thursday (October 19, 2023) it launched both the 7th Selangor ASEAN Business Conference (SABC 2023) and 7th edition of the Selangor International Business Summit (SIBC 2023).
The SABC 2023 saw leading economic thinkers and captains of industry from around the world coming together to explore opportunities in ASEAN and how Selangor plays a pivotal role as the most competitive gateway to ASEAN markets.
While the four-day SIBC 2023 is expected to yield substantial business transactions to the tune of RM1.5 billion.
"With global giants like Nestle, Ikea, Airbus, and Toyota calling Selangor home, we are a magnet for both domestic and foreign investment across sectors," Selangor Menteri Besar Datuk Seri Amirudin Shari said in his keynote address at the SABC 2023.
He said Selangor, as Malaysia's leading state, is setting its sights on the future of technology and regional cooperation.
While ASEAN is playing a pivotal role in the supply chain of chips, Amirudin believes Selangor can tap into the vast knowledge to develop it's own tech companies by using 5G and exploring the fields of digital education, healthcare predictive analysis, renewable energy, fintech-as-a-service, and more efficient logistics.
"That is why Selangor is committed to hosting SABC. It is not limited to building connections. We see great opportunities to discuss ideas and develop strategies in these areas. Beyond just building connections and linkages, we want to increase collaboration between each other within ASEAN."
"At SABC, we want to discuss strategies and ideas that can bring us closer and explore synergies," Amirudin said.
With over one-quarter of Malaysia's economic activity based in Selangor, accounting for 25.5 per cent of the national GDP, it's the ideal entry point into the Southeast Asian market, he added.
Meanwhile SIBS, initiated by the Selangor state government and organised by Invest Selangor, is a premier annual business event connecting brands and innovators to opportunities in Malaysian and regional markets.
At SIBS 2023, some 1,006 booths will be open to 50,000 visitors.
Amirudin hopes to see transactions worth more than RM1.5 billion through the Selangor International Food and Beverage Expo, the Selangor International Medical Expo, the new Selangor Industrial Park Expo (SPARK) as well as Selangor Research, Development, and Innovation Expo.
With a total of 328 trade buyers hosted from 26 countries, in addition to trade visitors and other delegations, SIBS 2023 aims to further strengthen its international reputation as the premier regional event for businesses seeking to build and expand their presence in the Asean region by establishing their base in Selangor.
Amirudin also said Selangor aims to attract high-quality investments that align with the state's identified industries such as public transportation, climate change solutions, high-quality manufacturing, biotechnology, and pharmaceuticals.
"We want high-quality investment in line with the current industries we have identified; be it in public transportation or climate change solutions, higher quality manufacturing especially using automation, new fields in biotechnology and pharmaceuticals to prepare for the next endemic or pandemic.
"It is clear that the business of investment isn't solely based on the past. That is why I made it crystal clear to my whole team in Selangor; while we have done well, we cannot take things for granted or be complacent by hoping that our past successes can guarantee success in the future," he said at the opening ceremony of SIB 2023.
Amirudin said the Invest Selangor team will collaborate with the Federal Government to facilitate the construction of a third sea port in Carey Island, Selangor, with the aim to bolster cargo-handling capacity and further boost economic prospects.
"In the coming months, my team and I will work with the Federal Government to play a role in building a third sea port in Carey Island, Selangor, to increase our cargo-handling capacity," he added.
Under the First Selangor Plan, launched last year, three key areas for development have been identified, he said. In the south of Selangor, the Integrated Development Region in South Selangor (IDRISS) offers more than 40,000 acres for development through industrial parks.
In the north, the Sabak Bernam Development Area presents opportunities in eco-tourism, smart farming, and logistics to enhance food security for Selangor and Malaysia.
Additionally, the Selangor Maritime Gateway Economic Development Zone along the Klang River taps into the economic potential of Selangor's primary river while harnessing it as a new water source.
Selangor is gearing up for a dynamic and promising future in these growth areas.
Amirudin said the driving force behind the First Selangor Plan launched in August last year was a plan with sustainability at its core.
It emphasised the importance of addressing the threats of climate change while also aiming to meet the increasing demand for a growing economy to provide higher-paying jobs in cutting-edge technology for Selangorians, he said.
"Selangor is the best place for you to put your money because we have the necessary ingredients to succeed as we truly believe no one should be left behind. "I am confident this Summit will be an opportunity to discover new areas, whether in innovation or technology, because your investment will be instrumental to allow our young people to have brighter futures," said Amirudin.
In 2022, Selangor achieved a gross domestic product (GDP) of RM384.9 billion, coupled with an impressive GDP growth rate of 11.9 per cent, contributing a significant 25.5 per cent to Malaysia's overall GDP.
Selangor State Executive Councillor for Investment, Trade and Mobility Ng Sze Han said there are boundless opportunities for mutual growth and shared success within Selangor and Asean.
"Together, we can chart a prosperous future, where innovation, collaboration, and determination pave the way for a brighter tomorrow," he said during his speech.
Additionally, in the spirit of promoting ASEAN as an investment destination, Invest Selangor has started a collaboration with other investment promotion agencies in Malaysia and ASEAN countries to promote its counterparts' industrial parks."This reaffirmed SIBS as the only industrial park expo in this region," said Ng.-ends-