CYBERJAYA, May 28 — Selangor is intensifying efforts to reduce reliance on a single market by encouraging small and medium enterprises (SMEs) to explore regional markets through this year’s Selangor International Business Summit (SIBS).
State investment, trade and mobility executive councillor Ng Sze Han said the move is also aimed at strengthening the state’s economic resilience amid increasingly challenging and uncertain global economic conditions.
“Because of that, this year’s SIBS has chosen Bandung, Indonesia, to host a satellite programme in the form of a forum focused on matching governments and companies from both countries.
“It is not a large-scale conference because, under current uncertain global economic conditions, we need to spend prudently,” he told Media Selangor in a recent interview.
Ng explained that future business direction should not focus solely on Malaysia’s domestic market, but also consider the potential of the Southeast Asian market, which has a population of about 600 million.
He added that state investment promotion agency Invest Selangor will place greater emphasis on the ASEAN market moving forward.
This is not only part of efforts to attract quality investments into Selangor, but also to help existing companies expand regionally.
Ng said the programme will focus on roundtable sessions, business forums and site visits to create opportunities for strategic collaboration between companies.
New approach for SIBS
Commenting on the selection of Bandung, Ng said SIBS has now reached a mature stage after growing steadily since its introduction.
He said Bandung was chosen because its economic structure shares many similarities with Malaysia and because it is recognised as one of Indonesia’s aviation industry development centres.
“In business, it is not necessary for all parties to compete all the time. Through cooperation, we can actually build a larger and stronger market together.
“If the focus from the beginning is only on capturing market share, the cooperation may not last long. I believe there is always a win-win situation in business,” he said.
Commenting on the conflict in West Asia, Ng said the experience of European companies facing supply chain uncertainties has made them more cautious about relying too heavily on a single market or supply source.
“The domestic market in Europe is relatively limited, so many of their companies have started expanding operations abroad to ensure supply chains are not disrupted, and Selangor has become one of the locations attracting their attention,” he said.
He also revealed that the Selangor government is planning an official visit to Europe this year to strengthen ties and facilitate cooperation between high-quality companies.
For the record, last year’s SIBS recorded potential transactions worth RM8.17 billion, further strengthening Selangor’s position as one of Southeast Asia’s key trade and investment hubs.
The programme, organised by the Selangor government through Invest Selangor, involved 740 exhibition booths and attracted 56,938 visitors from 89 countries.
A total of 179 seminar and forum sessions were also organised, involving more than 5,810 participants.
SIBS comprises six main events: the Selangor Industrial Park and Investment Expo (SPARK), Selangor ASEAN Business Conference (SBAC), Selangor International Expo Food and Beverage (SIE F&B), Selangor Smart City and Digital Economy Convention (SDEC), Selangor Aviation Show (SAS) and Selangor International Care Summit (SICS).
