PETALING JAYA: Invest Selangor is targeting RM250 million in transaction value from its Selangor International Business Summit (SIBS) 2019, according to Selangor Mentri Besar Amirudin Shari.

Last year, it achieved RM194.6 million in terms of businesses negotiated and committed during the summit.

“2019 will see the inaugural Research & Development and Innovation Expo organised by our human resources management division, which will bring additional value to the summit this year,” Amirudin said at a press conference today in conjunction with the launch of SIBS 2019.

In addition, this year’s event will see more exhibitors and agencies participating compared to the previous year.

The third edition of SIBS will take place from Oct 10 to 13 at the Malaysia International Trade & Exhibition Centre, Kuala Lumpur.

On the whole, Selangor has a total investment inflow target of RM10 billion for the year. For the first quarter of the year, the state has accumulated an investment of RM1.5 billion, the fourth highest in Malaysia.

“Our target for this year is a little more conservative compared to the RM18.9 billion achieved last year. It’s not just about the number, but we need to get quality international investors, that is why we’re focusing on five high-technology clusters, machinery, transportation, food & beverage, life sciences and electric & electronics,” said Amirudin.

He explained that the state does not simply accept any investment but it takes the five clusters as guideline based on its infrastructure and skilled labour.

However, there are challenges for Selangor to achieve its goals, with connectivity being an issue in terms of infrastructure and internet as there is a huge gap between the rural and urban areas in the state.

“The infrastructure gap is a major stumbling block for Selangor to reach its goal to be a Smart State by the year 2025.”

“Another challenge is education, whereby entrepreneurs and industry players have to change from conventional production to embrace Industrial Revolution 4.0 by adopting IoT (Internet of Things) and smart solutions to reach the smart state goal.”

By achieving that goal, the mentri besar is confident that Selangor could make the leap from being the most attractive investment destination in the state to being the most attractive destination in the Asean region.