SIBS 2019 records RM447.3m transaction value

23 Oct 2019 / 14:07 H.

SHAH ALAM: Selangor International Business Summit (SIBS) 2019, which took place from Oct 10-13, achieved a transaction value of RM447.3 million, exceeding the RM250 million target set.

However, Selangor state executive council member and investment, industry and commerce and SMEs committee chairman, Datuk Teng Chang Kim (pix) noted that the figure included RM200 million from the Malaysia-China Entrepreneur Conference that was not organised by SIBS.

“On the whole, the events organised by SIBS saw a transaction value of RM247.3 million, which is a little shy of the RM250 million target.

However, we regard the summit as a success despite coming slightly below the target,“ he told the media at a press conference today.

The four-day event attracted over 34,000 visitors, exceeding its initial expectations of 30,000 visitors.

This year’s summit also saw the inaugural Selangor Research & Development and Innovation Expo, which resulted in two license agreements inked between University Putra Malaysia and Upstream Downstream Process Sdn Bhd as well as between Selangor state government, Adakan Holdings and Shah Innovation Solutions.

He highlighted the deals illustrated that the expo was a success, as it was able to market some of the innovation via the event.

For the next edition, Teng said they are looking outside the local universities and research centres to expand the content for the R&D expo.

“The world is so big and we are at the very beginning of innovation, certainly getting foreign participation is crucial to us,” he explained.

He also took the opportunity to promote the upcoming SIBS 2020, which is scheduled to be held from Oct 14-17, 2020 at the Kuala Lumpur Convention Centre. The transaction value is projected to increase RM30 million to RM280 million.

Teng added that he plans to grow the event into one of the largest food & beverage trade shows in the region with aims to increase the number of booths to 600 from 326 booths this year.

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