Selangor Business Summit 2024 Series 2 Achieves RM1.66 Billion in New Deals

The Selangor International Business Summit 2024 (SIBS 2024) Series 2 was significantly successful, reinforcing Selangor’s position as a central hub for business, technology, and innovation in ASEAN. Organized by Invest Selangor Bhd and hosted by the Selangor state government, this summit drew 44,295 attendees from more than 80 countries, generating RM1.66 billion in potential business transactions. As ASEAN economies strive for resilient and sustainable growth, the Selangor Business Summit 2024 is a prime example of how regional collaboration can drive transformative change.

Held across two series, SIBS 2024 Series 1 and Series 2 combined featured 994 booths, 664 exhibitors, and 52,845 visitors, ultimately generating RM13.86 billion in potential business transactions and resulting in the signing of 82 memorandums of understanding (MoUs). These accomplishments underscore Selangor’s growing influence in the ASEAN region as a strategic platform for international cooperation and investment. Datuk Hasan Azhari, CEO of Invest Selangor, noted, “This year marked our first attempt at organizing SIBS in two series, and both have exceeded expectations in quality attendance, transaction values, and industry impact.”

The Impact of SIBS

The ASEAN region is experiencing robust growth, with the combined GDP of member countries reaching $3.3 trillion in 2023. As ASEAN economies continue expanding, there’s a critical need for platforms that facilitate business partnerships and foster innovation. SIBS 2024 is part of Selangor’s long-term economic strategy to position itself as a gateway for ASEAN trade and investment, driving cross-border partnerships across key sectors such as food technology, life sciences, digital economy, and smart city development.

Global business summits like SIBS play an essential role in bolstering ASEAN’s economic integration and positioning it as a collective economic powerhouse. According to a 2024 ASEAN Secretariat report, intra-ASEAN trade is projected to reach $1 trillion by 2025, underscoring the significance of fostering regional business relationships. The success of SIBS 2024 highlights the summit’s role in facilitating this economic integration, bringing together industry leaders, policymakers, and innovators under one roof.

Selangor International Expo

One of the flagship events of SIBS 2024 was the Selangor International Expo (F&B), which saw more than 300 exhibitors from 12 countries and nine Malaysian states showcasing cutting-edge advancements in food technology, sustainable packaging, and alternative proteins. The expo attracted 194 buyers from 22 countries, positioning Selangor Business Summit 2024 as an innovation hub for the food and beverage industry within ASEAN.

The F&B Expo’s emphasis on alternative proteins and sustainable packaging mirrors the global push toward eco-friendly solutions. The alternative protein market, including plant-based meats and lab-grown protein, is expected to grow at a compound annual growth rate (CAGR) of 9.7%, reaching $36.61 billion by 2030, according to Research and Markets. By spotlighting such trends, SIBS 2024 demonstrated Selangor’s commitment to sustainability and its potential to lead ASEAN in food innovation.

As part of the expo, the co-located Thailand Week 2024 featured 80 booths, making it one of the largest international showcases at the event. Thailand’s strong presence highlighted the growing business ties between Malaysia and Thailand, which have been steadily expanding in recent years. Thai products, especially those in the food and beverage sector, are highly popular in Malaysia and across ASEAN, creating opportunities for mutual growth and collaboration.

Selangor International Halal Convention

The global halal industry has seen exponential growth, with projections indicating it could be worth over $3.2 trillion by 2027, driven by demand for halal food, cosmetics, pharmaceuticals, and logistics solutions. The Selangor International Halal Convention, a key component of SIBS 2024, highlighted these trends by focusing on halal certification, logistics, and digital innovations.

The convention featured discussions on global halal standards, logistical challenges, and the role of technology in ensuring transparency in the halal supply chain. With a rising Muslim population across ASEAN and beyond, the halal market presents vast opportunities, and Selangor is positioning itself as a leader in this industry. Selangor’s emphasis on the halal sector aligns with Malaysia’s broader ambitions, as the country has been recognized as a global halal hub for years, with a strong regulatory framework and reputation for high standards.

One of the highlights of the Halal Convention was a cooking demonstration led by Tengku Permaisuri Selangor Tengku Permaisuri Norashikin and renowned Malaysian chef Datuk Chef Ismail Ahmad. The demonstration celebrated Malaysian culinary heritage while emphasizing the role of halal certification in promoting trust among Muslim consumers. This event resonated with local and international visitors alike, showcasing Selangor’s commitment to fostering a robust and innovative halal industry.

Related: Selangor Halal Convention Joins 2024 Business Summit

Selangor Life Science Convention

The Selangor Life Science Convention (SLC) attracted thought leaders and stakeholders in biotechnology, pharmaceuticals, and healthcare, addressing critical issues in ASEAN’s rapidly evolving life sciences sector. SLC featured events such as the Selangor Life Sciences Synergy Conference and the Selangor-Korea Sustainable Futures Seminar, which facilitated knowledge-sharing on the latest breakthroughs in life sciences.

The convention included the launch of the Selangor Lab Partnership Programme, an initiative aimed at fostering collaboration between research institutions, startups, and established industry players. The program offers resources to support the development of cutting-edge technologies and drive innovation within the biotech and healthcare sectors.

The importance of biotechnology and healthcare has grown exponentially in recent years, especially in the wake of the COVID-19 pandemic. According to McKinsey & Company, Southeast Asia’s healthcare market could exceed $740 billion by 2025, with biotechnology emerging as a critical component. The Selangor Life Science Convention serves as a vital platform for advancing ASEAN’s life sciences capabilities and addressing the region’s unique healthcare challenges.

Kao Malaysia President Nishimaki Akira expressed his appreciation for the convention, stating, “It’s an honor to be here at SIBS 2024. The event offers a fantastic opportunity to showcase our technology and connect with key stakeholders in ASEAN’s life sciences landscape.”

Selangor Smart City

With digital transformation sweeping across industries, the Selangor Smart City & Digital Economy Convention showcased Selangor’s dedication to driving ASEAN’s digital economy forward. This event featured discussions on emerging technologies, including semiconductor advancements, generative artificial intelligence (AI), and smart city solutions.

A key highlight was the Selangor Accelerator Programme (SAP) Startups Demo Day, which provided a platform for 20 startups to pitch their innovations in AI, biotech, and sustainability. SAP supports new ventures by offering mentorship, resources, and investment opportunities, strengthening Selangor’s role in fostering digital transformation.

According to IDC, spending on smart city initiatives in the Asia-Pacific region is projected to reach $45 billion by 2025. By hosting the Digital Economy Convention, Selangor is not only supporting these growing industries but also promoting sustainable urban development practices that enhance the quality of life for its residents.

The convention also featured TikTok Shop’s SME Digitalization initiative, which helps small and medium enterprises (SMEs) leverage the platform to expand their digital presence. With SMEs constituting a significant portion of the ASEAN economy, the importance of digital tools for scaling their operations is more critical than ever. By emphasizing digital innovation, SIBS 2024 is playing a role in strengthening the region’s digital economy infrastructure.

Fostering Cross-Border Partnerships

Networking and business matching were integral components of SIBS 2024, with over 300 connections facilitated during the event. Through one-on-one meetings, participants engaged in meaningful dialogues, exploring collaborative opportunities and establishing new partnerships. The importance of such networking cannot be overstated, as it enables ASEAN businesses to expand their reach and secure international clients and investors.

Business matching has become a critical element in trade summits like SIBS, as ASEAN economies increasingly rely on foreign investments and international partnerships. According to the ASEAN Economic Integration report, intra-ASEAN trade and cross-border partnerships contribute significantly to the region’s GDP, highlighting the value of events like SIBS in fostering these connections. SIBS 2024’s approach to networking has established it as a critical platform for nurturing and strengthening these partnerships.

SIBS 2024 Series 1 and 2

This year, SIBS 2024 was organized into two series to better cater to specific industry sectors and facilitate a more targeted approach to networking and innovation. Series 1 and Series 2 combined attracted 52,845 visitors, hosting 994 booths and featuring 664 exhibitors. Together, the two series generated RM13.86 billion in potential transactions, a significant increase from previous years, further solidifying Selangor’s influence in ASEAN.

While the split format led to a slight decrease in total visitors compared to SIBS 2023, the quality of interactions and the depth of discussions proved more impactful. This format allowed for focused attention on diverse industries, enabling exhibitors to reach their target audiences more effectively. The success of the two-series structure has prompted Invest Selangor to consider continuing this approach, recognizing that it allows for a tailored experience for each participating industry.

SIBS 2025

Following the successes of SIBS 2024, Selangor is already setting its sights on SIBS 2025, aiming to solidify its position as ASEAN’s hub for advanced business solutions. With a focus on sustainability and transformative partnerships, Selangor plans to bring together an even more diverse range of industries to address the region’s pressing challenges.

The ASEAN region, with its fast-growing economies and youthful population, holds immense growth potential, but also faces challenges in achieving sustainable development. SIBS 2025 will align with Selangor’s economic blueprint, which emphasizes long-term, impactful partnerships and the adoption of advanced technologies. With these goals in mind, SIBS 2025 promises to provide a platform where industry leaders can collaborate on creating resilient, future-ready industries that contribute to the global economy.

Invest Selangor’s CEO, Datuk Hasan Azhari, expressed optimism about the future: “We’re thrilled with the impact SIBS 2024 has had and look forward to continuing this momentum. Our goal for SIBS 2025 is to further strengthen Selangor’s reputation as a global business hub, a place where transformative ideas and partnerships are born.”

Selangor Business Summit 2024

The Selangor Business Summit 2024 has set a new benchmark for business summits in ASEAN, showcasing how regional collaboration, innovation, and sustainability can drive impactful economic growth. By bringing together leaders from diverse industries, SIBS 2024 has positioned Selangor as a business and innovation powerhouse, advancing ASEAN’s goals for integration and resilience.

From groundbreaking advancements in food technology and halal innovation to pioneering solutions in life sciences and digital economy initiatives, SIBS 2024 provided a comprehensive platform for stakeholders to connect, collaborate, and inspire one another. As ASEAN nations continue to integrate their economies, events like SIBS become instrumental in fostering the trust and partnerships necessary for a prosperous future.

Through its ambitious agenda and visionary leadership, SIBS 2024 not only showcased Selangor’s potential but also underscored ASEAN’s capacity to lead in global innovation. By prioritizing sustainability and inclusivity, SIBS 2024 set a precedent that will guide future trade summits and serve as a model for other regions looking to foster meaningful, long-term partnerships. As Selangor prepares for SIBS 2025, the foundations laid by this year’s summit ensure that the future of ASEAN’s business landscape is bright, dynamic, and poised for sustained growth.