Selangor government examining costs and mechanisms to hold the Selangor International Business Summit (SIBS) overseas as part of ASEAN trade expansion strategy.
SHAH ALAM: The Selangor government is examining the costs and mechanisms for organising the Selangor International Business Summit (SIBS) abroad, the State Legislative Assembly was told today.
Menteri Besar Datuk Seri Amirudin Shari said exploring the possibility of organising SIBS abroad was part of the state government’s efforts to expand trade networks internationally.
He said the move was also part of the state government’s strategy to increase trade value between Selangor, Malaysia and the ASEAN region.
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“Selangor is ready to serve as the gateway between Malaysia and ASEAN, and this is one of the strategies we have proposed, but for now we are refining it in terms of cost and implementation.
“Our strategy is not only to intensify engagements with investors in the countries involved but also to hold SIBS in ASEAN member states and showcase our products there,” he said in reply to a supplementary question from Datuk Seri Mohamed Azmin Ali (PN-Hulu Kelang) on the state government’s efforts to strengthen ASEAN trade relations.
Amirudin also cited potential host countries, including Thailand, Singapore, Indonesia, the Philippines and Timor Leste, noting that these markets remain largely untapped.
SIBS, organised by the state government through Invest Selangor, features six main components, namely the Selangor Investment and Industrial Park Expo (SPARK), the Selangor ASEAN Business Conference (SABC), the Selangor International Food and Beverage Expo (SIE F&B), the Selangor Smart City and Digital Economy Convention (SDEC), the Selangor Aerospace Summit (SAS) and the Selangor International Care Summit (SICS).
On Nov 4, Amirudin was reported as saying that SIBS would be further strengthened, with potential expansion to locations outside the country to help realise Selangor’s vision of becoming a leading investment hub.
The 2024 edition of SIBS saw a potential transaction value of RM13.86 billion from two series of events, while this year’s edition recorded RM8.17 billion. – Bernama
