By Yasmin Ramlan
KUALA LUMPUR, July 28 — As the curtain falls on the First Series of the Selangor International Business Summit (SIBS) 2024, exhibitors lauded the event for its exceptional organisation and ability to serve as a transformative platform for showcasing the potential of the Asean market to prospective investors.
Many exhibitors told Selangor Journal that the three-day event gave them valuable insights into investor needs and a deeper understanding of the Asean market through forums and talks on regional economic dynamics and investment opportunities.
The Klang Royal City Council (MBDK), one of the exhibitors, said the Selangor Investment and Industrial Park Expo (SPARK) provided a valuable platform to promote industrial land in Klang.
According to MBDK town and country planning officer Norhayati Mohd Lazim, the promotion will enhance the council’s revenue, noting that development plans, once in place, will generate income that can then be returned to the community.
“We are offering more industrial land and introducing our fast-track development plan to address investors’ concerns about reducing costs.
“MBDK will take the initiative to expedite and streamline the development plan process. At SIBS, we are showcasing our 14-day fast-track system,” she said.
Klang is one of the districts playing a crucial role in the First Selangor Plan (RS-1), with high-impact projects such as the Selangor Maritime Gateway and Carey Selangor, a proposed special economic zone on Pulau Carey.
SIBS, held at the Kuala Lumpur Convention Centre from Thursday to yesterday, featured the 4th SPARK and the 8th Selangor Asean Business Conference.
The second series in October will focus on three main events — the 10th Selangor International Expo Food and Beverage, the 4th Selangor Life Sciences Convention, and the 9th Selangor Smart City and Digital Economy Convention.
This year is the first time SIBS is held on two separate occasions, with the ultimate goal of expanding its reach.
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TradeInvest Timor-Leste exhibitor Ezaquiel Da Costa Babo speaks to Media Selangor at the First Series of the Selangor International Business Summit 2024, at the Kuala Lumpur Convention Centre, on July 27, 2024. — Picture by NUR ADIBAH AHMAD IZAM/MEDIA SELANGOR[/caption]
Facilitating application processes
TradeInvest Timor-Leste exhibitor Ezaquiel Da Costa Babo pointed out that the networking opportunities and knowledge facilitated by SIBS are instrumental in shaping exhibitors’ strategies to meet evolving market demands.
The investment promotion director from the Timor-Leste government said they were invited to participate in the event to promote sectors including agriculture and livestock, fisheries, processing industries, tourism, oil, gas and minerals.
“If private companies from Asean member states are interested in this sector, they are encouraged to invest in Timor-Leste. We are here to assist with the application for declaration benefits or special investment incentives to secure a tax holiday from the government.
“Companies investing within the capital of Timor-Leste will receive a tax holiday for up to five years. Investments outside the capital can enjoy a tax holiday ranging from eight to 10 years, depending on the location of the investment.
By showcasing these opportunities at the event, Timor-Leste aims to attract the foreign direct investments (FDIs) needed to transform its economy and achieve its development goals outlined in the Strategic Development Plan 2011-2030.
Ezaquiel, who was also one of the speakers at SIBS, believes the business summit could significantly attract FDIs from countries beyond the Asean region into Timor-Leste.
He expressed his hope that these nations would seize the opportunity to export their products not only to the Asean market but also to Portuguese-speaking markets, given that Timor-Leste is part of this linguistic community and a member of the World Trade Organisation.
He added that the Asean market is highly promising, as evidenced by the 2023 Asean Economic Community Report, which highlighted that foreign investors increasingly view Southeast Asia as a prime destination for investment across various sectors.
“We firmly believe investing in the Asean market opens up a wealth of opportunities and provides significant market access,” he said.
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Shah Alam-based enterprise Chantek Batik’s booth at the First Series of the Selangor International Business Summit 2024, at the Kuala Lumpur Convention Centre, on July 26, 2024. — Picture by HAFIZ OTHMAN/MEDIA SELANGOR[/caption]
Direct engagement with foreign investors
Meanwhile, NCT PMC Sdn Bhd sales and marketing senior executive James Chai said SIBS not only provided his firm with an opportunity to showcase its products and services, but also offered valuable insights into expanding its business and exploring opportunities with foreign investors.
This included the NCT Smart Industrial Park (NSIP), the first managed industrial park in the country operating under a low-carbon management concept.
“Our goal is to provide sustainable development for industry players by creating a well-managed environment for their manufacturing operations,” he said, adding that his company had also engaged with clients from China during SIBS.
Additionally, Chai said, direct engagement with foreign investors during the event allowed NCT to understand their requirements without intermediaries, ensuring clearer communication and collaboration.
Chai added that throughout the three-day summit, various consultants had approached them to introduce innovative technologies that could be integrated into the NSIPS.
The NSIP is a key project aligned with the RS-1, with the goal of driving economic growth and attracting investments to the state.
It is designed to be the first net-zero emission industrial park by 2050, leveraging artificial intelligence and adopting a low-carbon framework.
The First Series of SIBS, which concluded yesterday, featured 285 booths from local and foreign exhibitors.
Invest Selangor Bhd is targeting RM7 billion in potential transaction value for this year’s SIBS, and anticipates over 60,000 visitors from 80 countries.
