PETALING JAYA: The Selangor International Business Summit 2022 (SIBS 2022) is targeting RM350 million potential negotiated sales with 30,000 visitor turnout and participation of 850 booths.

SIBS is the largest business summit initiated by the Selangor state government and organised by Invest Selangor Bhd. Back this year for its sixth edition, the summit has garnered 40% registration to date out of 850 booths, of which 20% are from foreign investors.

The four-day summit will be held at Kuala Lumpur Convention Centre from Oct 6 to 9, 2022. It will feature six main events, including the Selangor International Expo (F&B), Selangor International Expo (medical), Selangor Industrial Park Expo, Selangor Asean Business Conference, Selangor Smart City & Digital Economy Convention and Selangor R&D and Innovation Expo.

Selangor state executive councillor for industry and trade, Datuk Teng Chang Khim said SIBS can be the key global trading hub initiative by Selangor to assist not only exporters and manufacturers from Selangor but also from other states and regional players to restart their business in the region.

SIBS provides networking opportunities for all participants across multiple sectors to meet and collaborate, using Selangor as the gateway to Asean. Invest Selangor invites foreign buyers to attend the summit as well as prearrange one-on-one business meetings, he said at the SIBS 2022 press conference in Shah Alam yesterday.

Despite the pandemic last year, SIBS 2021 recorded RM217.6 million potential negotiated sales, and attracted 25,410 visitors, ranging from business owners, importers, wholesalers, distributors to retailers and the public.

In 2021, the manufacturing sector in Selangor received RM7.5 billion in investment, contributed mainly by domestic direct investment worth RM6.1 billion, according to the Malaysian Investment Development Authority. Investment projects in rubber, chemical, electrical and electronics and transport equipment sectors contributed 71% (RM5.36 billion). The cluster remained the largest contributor to approved investment value.