SELANGOR was the biggest economic driver for Malaysia last year and contributed 23.7% of the country’s gross domestic product (GDP), said Selangor Mentri Besar Amirudin Shari.
“That also marked the state’s best investment performance in history, valued at RM18.9bil involving 241 projects, ” he said in his speech.
Amirudin was speaking at the opening ceremony of the Selangor International Business Summit (SIBS) 2019, which was graced by Sultan of Selangor Sultan Sharafuddin Idris Shah and Tengku Permaisuri Selangor Tengku Permaisuri Norashikin.
“The previous summits have been pivotal in recording nearly RM6bil investment in the manufacturing sector in just the first half of 2019.
“We are on track to reach our forecast of RM10bil for 2019, ” said Amirudin.
“This comes on the back of our record-breaking investment performance in 2018, at nearly RM19bil in the manufacturing sector alone, more than double our initial target. This is an increase of nearly 285% compared to the investment performance in 2017.
“Business leaders can reap the rewards as a result of the strong economic fundamentals Selangor has to offer, from excellent infrastructure to the dynamic talent pool, ” said Amirudin.
As the golden state of Malaysia and a regional economic powerhouse, he said Selangor had contributed nearly a quarter of Malaysia’s GDP over the past three years.
“With a vision to make Selangor a smart state by 2025, we are making sure our economic policy is aligned with our infrastructure development in transport and city management.
“Our core areas of electrical and electronic products, life sciences, food and beverage manufacturing, transportation as well as machinery and equipment have been identified as the primary focus, as they represent the most room for technological advancement, ” he added.
Amirudin welcomed local and foreign investors to meet like-minded multinational companies and small and medium enterprises to explore the opportunities offered at SIBS, adding that Selangor’s access to Malaysia
and the region’s markets meant that the state served as the Gateway to Asean.
State investment, industry and trade, small and medium industries committee chairman Datuk Teng Chang Khim hoped that the third edition of SIBS would achieve a transaction value of US$60mil (RM251.6mil) at the end of the four-day event.
He said the main events were Selangor International Expo focusing on food and beverage, Selangor Asean Business Conference featuring about 20 speakers from seven countries, Selangor Smart City and Digital Economy Convention, and Selangor Research and development and Innovation Expo.
In addition, there are four side events — Selangor International Halal Conference, 9th Malaysia-China Entrepreneur Conference, Malaysia International Tea and Coffee Expo, and Selangor International Culinary Festival.
Organised by Invest Selangor, SIBS 2019 at Malaysia International Trade and Exhibition Centre (Mitec), Kuala Lumpur ends tomorrow.
Selected conferences charge a fee, while the expos are free. For details, visit www.selangorsummit.com
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