KUALA LUMPUR: Selangor is on track to hit its manufacturing sector investment target of RM10 billion for this year, according to Mentri Besar Amirudin Shari.
“The previous business summits have been pivotal in recording nearly RM6 billion in investments in the manufacturing sector for the first half of 2019 alone,” he said in his keynote address for the third Selangor International Business Summit 2019 (SIBS).
Last year, Selangor achieved an investment performance of RM19 billion for the manufacturing sector, a 285% improvement from its achievement in 2017.
“These records go to show that in Selangor, business leaders can reap the rewards of the strong economic fundamentals we have to offer from our excellent infrastructure to the vibrant and dynamic talent pool graduating from the many universities in Selangor,” said Amirudin.
He highlighted that Selangor’s vision to become a smart state by 2025 will ensure that the state’s economic policy is aligned to its infrastructure development in transport and city management.
Amirudin said the state has the best transport network in the country with connectivity through a mix of railways, highways, ports and airports.
“The Kuala Lumpur International Airport and Port Klang are the 12th busiest airport in Asia and 12th busiest seaport in the world respectively, and due to our strategic location, we have over 200 industrial parks mushrooming throughout the state.”
With regards to the summit, Selangor executive councillor and investment, industry & commerce, SME and transportation committee chairman Datuk Teng Chang Khim stated that the event has welcomed more than 60,000 visitors from more than 33 countries since its inception.
“This in turn, has resulted in accumulated trade value of RM680 million,” he said.
For SIBS 2019, Teng is hoping for a transaction value of US$60 million (RM251.58 million) for the event.
The four-day event is expected to welcome 30,000 domestic and international visitors with 24 participating countries and 800 booths.
In addition, this year’s summit also marks the debut of Selangor Research & Development and Innovation Expo with 120 exhibitors occupying 328 booths from major research institutions and universities in Malaysia.
“R&D and innovation are important components to all sectors, and we can look forward to seeing great advances that will benefit businesses and other sectors in this expo,” Teng said.
He added that an estimated 100 R&D patent and innovation products will be showcased at the exhibition.
SIBS 2019 is being held at Malaysia International Trade & Exhibition Centre, Kuala Lumpur till this Sunday.
