Kuala lumpur: The Selangor International Business Summit (SIBS) is set for enhancement, with talks of extending the event to locations outside Selangor and Kuala Lumpur, announced Menteri Besar Datuk Seri Amirudin Shari. The summit, which has seen eight successful years, aims to broaden its scope and participation, particularly in emerging sub-sectors like the service economy, to support Selangor's goal of becoming a top investment hub.
According to BERNAMA News Agency, Amirudin highlighted the potential of hosting the summit beyond Malaysian borders, given the large ASEAN market of over 600 million people. This aligns with SIBS' objective of being the Gateway to ASEAN and promoting the region as a prime investment destination. He shared these insights following a luncheon by Invest Selangor Berhad, the organiser of SIBS 2025.
The event, held from October 8 to 11 at the Kuala Lumpur Convention Centre, reported potential transactions worth RM8.17 billion. Amirudin noted the state government's satisfaction with this outcome, despite the summit's four-day duration. He explained that the event previously took place twice a year, resulting in longer durations and potentially doubling the number of exhibitions and transactions if this format continues.
Amirudin emphasized that SIBS serves as more than a transactional event. It is a strategic platform introducing new economic fields and strengthening the state's economic ecosystem through interactions between investors, industry players, and state government bodies. He also pointed out the untapped potential of the service economy, which includes highways, ports, and utilities, as a significant economic contributor.
In addition to the Selangor Aerospace Summit (SAS) and the Selangor International Care Summit (SICS), SIBS features six other main components: the Selangor Industrial and Investment Park (SPARK), the Selangor ASEAN Business Conference (SABC), the Selangor International Food and Beverage Expo (SIE F and B), and the Selangor Smart City and Digital Economy Convention (SDEC). SPARK recorded the highest potential transactions at RM6.96 billion, followed by SABC, SDEC, SIE F and B, SAS, and SICS.