This article first appeared in The Edge Financial Daily on July 16, 2019

PETALING JAYA: After recording its highest-ever direct investments of RM18.9 billion last year, Selangor is aiming for a reduced amount of RM10 billion this year in view of current global economic uncertainties.

The state secured RM1.5 billion worth of investments during the first quarter of this year, Menteri Besar Amirudin Shari told reporters at the launch of the Selangor International Business Summit (SIBS) 2019 here yesterday.

“In terms of investments, we recorded our best performance in total investment flow, at RM18.9 billion, with 241 approved projects in 2018. In 2019, we are targeting to receive a total of investments valued at RM10 billion, a conservative forecast due to various global economic uncertainties,” he said.

“It’s not just about the numbers. We also must get quality investments from international investors. That’s why we are focusing more on high technology with the five clusters that are already aligned by our investment committee,” he said.

The five key clusters are: machinery, transportation, food and beverages, life sciences, and electrical and electronics.

As a pro-business state, Amirudin said Selangor welcomes all investments across the globe, be it from Africa, Asia, Europe, as well as Southeast Asia, while China remains a significant industry partner for the state.

Amirudin also said the Pakatan Harapan federal government had managed to restore the confidence of the international business community in Malaysia.

“After the transition of the [federal] government, the administration has done some corrections in their policies over the past one year and of course, the correction and stabilisation process is still in progress [until now]. But we have seen some positive actions taken by the federal government and we can see that investments are coming in.

“This shows that trust from the international community is back to Malaysia compared with the past three to four years,” he said, adding that Selangor remains the country’s pillar of economic growth.

On SIBS 2019, Amirudin said it is expected to secure RM250 million worth of negotiated trade transactions, compared with RM194.6 million it recorded last year. He said the event this year will have more exhibitors participating from various government agencies.

“We are anticipating a bigger event this year, targeting 850 booths and expecting 30,000 visitors not only from Malaysia, but also from countries in the region,” he said.

Organised by Invest Selangor Bhd under the patronage of the state government, SIBS 2019 will continue its mission to position Selangor as a strategic partner and a prominent catalyst to businesses in the Southeast Asian region, in line with its vision to be the gateway to Asean.

Scheduled to be held from Oct 10 to Oct 13 at the Malaysia International Trade and Exhibition Centre, the four-day event will feature the fifth Selangor International Expo 2019, third Selangor Asean Business Conference 2019, fourth Selangor Smart City and Digital Economy Convention, and the inaugural Selangor R&D and Innovation Expo to encourage greater business opportunities for SIBS 2019 participants.