By Selangor Journal Team
SHAH ALAM, Nov 8 — The Selangor International Business Summit (SIBS) 2024 recorded a remarkable RM13.86 billion in potential transaction value across two series, more than double last year’s figure of RM6.12 billion.
The summit, held over two parts for the first time, attracted 52,845 visitors and featured 664 exhibitors across 994 booths. It also saw the signing of 82 memoranda of understanding (MOUs).
While total visitor numbers showed a slight decrease from 2023’s 57,249 attendees, Invest Selangor Bhd (Invest Selangor) said the new format proved effective in expanding Asean business networks and fostering regional partnerships.
“The summit significantly boosted partnerships and business outcomes, reflecting its growing impact in Asean,” it said in a recent statement.
Invest Selangor chief executive officer Dato’ Hasan Azhari Idris said both series held this year exceeded expectations in quality attendance, transaction values, and industry impact and propelled the state as a key investment hub.
“We’re pleased to see Selangor increasingly recognised as a global business hub, drawing leaders and investors through our commitment to sustainability and innovation,” he said.
Impressive first series
The first series of SIBS 2024, held from July 25-27, also achieved remarkable success, recording RM12.2 billion in transactions, nearly double the initial target of RM7 billion set for the entire summit.
The series, which included the Selangor Investment and Industrial Park Expo (SPARK) 2024 and the Selangor Asean Business Conference (SABC) 2024, attracted 8,550 visitors from 22 countries, including Australia, Canada, China, France, Germany, Japan, and the United Kingdom, alongside Asean nations.
This year’s SPARK featured 285 booths from six countries, up from 258 booths representing four countries last year.
The expo featured a series of forums, including 18 pitching sessions, four pocket talks, and two panel sessions, providing valuable insights into current market trends, business strategies, and innovative products and services.
The ‘Malaysian Development Investment Authority Invest Series Selangor: Unfolding Its Business Potential’ event also played a significant role in SPARK 2024, focusing on investment opportunities and fostering economic growth in Selangor.
Driving major outcomes
The second series, held from October 16-19 at the Kuala Lumpur Convention Centre, saw impressive results, drawing 44,295 visitors from over 80 countries and generating RM1.66 billion in potential transactions.
Invest Selangor said the event showcased 500 exhibitors from 20 countries, reinforcing Selangor’s position as the gateway to Asean markets.
The Selangor International Expo Food and Beverage (SIE F&B) dominated the second series with more than 300 exhibitors from 12 countries, including strong representation from nine Malaysian states.
A notable addition was Thailand Week 2024, which featured 80 Thai booths, highlighting growing Malaysia-Thailand business ties.
Adding royal prestige to the event, Tengku Permaisuri of Selangor Tengku Permaisuri Norashikin conducted a culinary demonstration alongside Malaysian chef Dato’ Ismail Ahmad.
The Selangor International Halal Convention (Selhac) also made its first appearance at this year’s SIBS and was organised as part of the SIE F&B, focusing on halal certification, logistics, and digital innovation.
The summit’s focus on innovation was also evident through two major conventions — the Selangor Life Science Convention (SLC) and the Selangor Smart City and Digital Economy Convention (SDEC) — held as part of the second series.
SLC served as a crucial networking platform for biotech, pharmaceutical, and healthcare industry leaders. It featured the launch of the Selangor Lab Partnership Programme and the Selangor-Korea Sustainable Futures Seminar.
Meanwhile, SDEC attracted significant attention with its focus on semiconductor advancement, artificial intelligence, and urban tech innovations.
The convention concluded with a Startups Demo Day, where 20 participants from the Selangor Accelerator Programme (SAP) presented their tech solutions to potential investors.
Invest Selangor said it is now setting its sights on SIBS 2025, with plans to further strengthen Selangor’s position as a central hub for advanced business solutions in Asean.
The focus will remain on developing sustainable partnerships that promote long-term growth and environmental responsibility.
The public can obtain more information about SIBS 2025 by visiting selangorsummit.com.
