Selangor International Business Summit 2024 Series 2 yields RM1.66 billion potential transactions

SHAH ALAM: The Selangor International Business Summit 2024 Series 2 (SIBS 2024 Series 2) wrapped up with impressive results, drawing 44,295 visitors from more than 80 countries and generating RM1.66 billion in potential transactions.

Hosted by the Selangor state government and organised by Invest Selangor Bhd, the second series solidified SIBS as an international event for business, innovation and sustainable growth in the Asean region, while positioning Selangor as the gateway to the region.

Featuring 500 exhibitors from 20 countries, SIBS 2024 Series 2 showcased innovations, new themes and strategic partnerships.

Selangor International Expo (F&B), which featured over 300 exhibitors from 12 countries and nine Malaysian states, showcased advancements in food technology, sustainable packaging, and alternative proteins. The event attracted 194 buyers from 22 countries, boosting Selangor’s profile as Asean’s food innovation hub.

Thailand Week 2024 was co-located within the food & beverage expo and saw the largest international presence with 80 booths, supporting Thai-Malaysian business and cultural ties.

The Selangor International Halal Convention another co-located event in the expo, focused on halal certification, logistics, and digital innovation, fostering collaboration in the halal industry.

A highlight was the cooking demonstration by Tengku Permaisuri Selangor Tengku Permaisuri Norashikin and Datuk Chef Ismail Ahmad.

“It’s been a very good and very interesting event,” said Danish embassy food and agriculture counsellor Kristian Norfelt Lund.

Meanwhile, the Selangor Life Science Convention (SLC) drew leaders from biotech, pharmaceuticals, and healthcare. SLC was complemented with the launch of the Selangor Lab Partnership Programme and continued with the Selangor Life Sciences Synergy Conference and the Selangor-Korea Sustainable Futures Seminar. SLC solidified its role as a major platform for life sciences in Asean.

“I’m honoured to be here for the first time. The event offers a fantastic opportunity to showcase our technology,” said Kao Malaysia president, Nishimaki Akira.

The Selangor Smart City & Digital Economy Convention united experts in semiconductor, digital transformation and urban technology, with themes such as semiconductor innovation, generative artificial intelligence (AI) innovation and TikTok Shop SME Digitalisation. It ended with Startups Demo Day, featuring the Selangor Accelerator Programme (SAP), where 20 startups pitched their innovations in AI, biotech and sustainability to investors. SAP provides mentoring and investment preparation, establishing Selangor as an Asean leader in smart city development.

The networking and business matching saw over 300 connections forged in dedicated one-on-one sessions, facilitating collaborations among the investors, traders and entrepreneurs.

“This year marked our first attempt at organising SIBS in two series, and both have exceeded expectations in quality attendance, transaction values, and industry impact,” said Invest Selangor CEO Datuk Hasan Azhari.

“We are thrilled to see Selangor recognised as a global business hub, attracting leaders and investors through our commitment to sustainability and innovation.”

SIBS 2024 Series 1 and Series 2 combined featured a total of 994 booths and 664 exhibitors, attracted 52,845 visitors and generated RM 13.86 billion in potential business transactions, with 82 memorandums of understanding signed. Although the two-series format led to slightly fewer total visitors than SIBS 2023, the summit significantly boosted partnerships and business outcomes, reflecting its growing impact in Asean.

For SIBS 2025, the focus is on establishing Selangor as Asean’s centre for transformative and advanced business solutions, with a commitment to fostering impactful, long-term partnerships for a sustainable future.