NST: Selangor on target to achieve RM10bil in investments

KUALA LUMPUR: The Selangor state government is on track towards achieving its RM10 billion investment target this year.

Selangor exco for trade and industry Datuk Teng Chang Khim said that despite the current economic situation, Selangor had achieved RM3 billion in investments for the year's first half.

"We have set a slightly higher but pragmatic target for this year as we have seen a positive trajectory from the reopening of economic activity.

"We have been cautiously optimistic about achieving this target, and I believe we can achieve another RM3 billion target for the second half of this year," Teng told reporters at the official launch of the Selangor International Business Summit 2022 (SIBS 2022) here, today.

Teng said SIBS 2022 targets RM350 million of potential negotiated sales with the participation of at least 850 booths, taking up the entire eight expo halls and two conference halls in the KL Convention Centre.

He said the summit also anticipates at least 30,000 trade visitors from local and international countries.

"The return of the 6th SIBS 2022 will be an opportunity to strengthen Selangor's position as a competitive and preferred investment destination in Asia.

"It will also offer an avenue to demonstrate our resilience, agility, and determination to succeed and move forward despite all the challenges we have faced over the past two years," he said.

Meanwhile, Invest Selangor chief executive officer Datuk Hasan Azhari said SIBS 2022 would have state pavilions from Penang, Perak, Negeri Sembilan, Malacca, Kelantan, Sabah and Sarawak.

On top of the state pavilions, Hasan said SIBS 2022 would also be welcoming participants from key markets such as the Philippines, India, Indonesia, and Vietnam.

"SIBS 2022 will be a crucial part of the respective state's economic rebuilding process to reverse the effects of the global pandemic," he said.

It has proven to be a hit for last year's edition, as the summit successfully onboarded 25 entrepreneurs with a total of 175 stock keeping units (SKU) with two participating supermarkets, LULU Hypermarket and ST Rosyam Mart, he said.

"This year, we plan to expand it and onboard a few more supermarkets to give a wider coverage and market segments," he said.

SIBS 2022 will further strengthen Selangor's position as Malaysia's most progressive and developed state.

Its strategic location, established value chains across numerous industries, advanced physical and online connectivity, and excellent state government support, make it one of the most attractive trading hubs in the region and an ideal gateway to ASEAN and the world for investors.

SIBS 2022, initiated by the Selangor state government and organised by Invest Selangor Bhd, returns bigger this year.

While last year's edition featured an innovative hybrid model for the first time, this year's SIBS will return as a physical event at the prestigious Kuala Lumpur Convention Centre.

This year, SIBS 2022 will continue as the regional premier summit for local and international industry players to convene and explore the great potential of the Malaysian and regional markets.

The four-day SIBS 2022 will be held from October 6 to 9, 2022, and will feature six unique concurrent events.

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