The Selangor International Business Summit 2024 (SIBS 2024) has solidified its position as one of Southeast Asia’s premier business events. Organized by Invest Selangor Berhad, the summit is designed to foster innovation, facilitate collaboration, and unlock trade and investment opportunities within the ASEAN region and beyond.
This year’s event was a showcase of progress, bringing together industry leaders, government officials, entrepreneurs, and thought leaders from across the globe. With its focus on public-private partnerships, SIBS 2024 highlighted the role of collective action in driving sustainable development and economic growth.
Celebrating its 10th anniversary, SIBS 2024 addressed critical topics such as advancements in life sciences, the burgeoning Halal industry, digital transformation, and sustainable urban development, cementing its status as a dynamic platform for progress.
A Comprehensive Overview of SIBS 2024
SIBS 2024 featured five core components, each tackling pressing challenges and unlocking opportunities in pivotal sectors:
- Selangor International Expo Food & Beverage (SIE F&B 2024): Focused on advancing the food and beverage industry, this expo explored global market trends and innovative solutions to elevate ASEAN’s F&B sector.
- Selangor Life Sciences Convention: Highlighted groundbreaking healthcare, biotechnology, and life sciences advancements, positioning Selangor as a leader in the sector.
- Selangor Investment Industrial Park Expo: Showcased industrial parks in Selangor, attracting international investors and promoting infrastructure growth.
- Selangor ASEAN Business Conference: Facilitated discussions on enhancing ASEAN’s economic integration, trade networks, and regional resilience.
- Selangor Smart City & Digital Economy Convention (SDEC 2024): Explored the intersection of digital technologies and sustainable urbanization, highlighting Selangor’s commitment to smart city initiatives.
These components illustrated SIBS 2024’s dedication to addressing ASEAN’s most pressing economic, technological, and environmental challenges.
SIBS 2024 underscored Selangor’s ambition to become a global leader in life sciences, showcasing initiatives designed to foster healthcare innovation and biotechnology.
A pivotal moment of the summit was the unveiling of the Selangor Lab Partnership Programme (SLPP) by Invest Selangor CEO, Datuk Hasan Azhari Idris. This program bridges the gap between academia and industry, fostering collaboration and accelerating research and development (R&D) in life sciences.
Key highlights of the SLPP include:
- Partnerships with leading universities, including Universiti Putra Malaysia (UPM), Universiti Kebangsaan Malaysia, and Taylor’s University.
- Financial support of up to RM5,000 for research projects in 2024.
- Alignment with the First Selangor Plan 2021–2025, which prioritizes sustainability, talent development, and public-private partnerships.
“The Selangor Lab Partnership Programme is a forward-thinking initiative designed to build a future where collaboration drives innovation,” said Mohammad Fahmi Ngah, Managing Director of the Smart Selangor Delivery Unit.
Another major highlight was the development of the Biomedical Park Malaysia in Sepang. This facility is dedicated to tackling global health challenges such as cancer, diabetes, and cardiovascular diseases through advanced R&D and infrastructure.
With RM6.5 billion in life sciences investments between 2019 and 2023, Selangor is poised to establish itself as a regional hub for healthcare innovation. The Biomedical Park complements this vision by offering a platform for cutting-edge research and collaboration, attracting top talent and investors from around the world.
Sustainability as a Central Theme
Sustainability took center stage at SIBS 2024, with numerous initiatives aimed at addressing environmental challenges and promoting eco-friendly solutions.
Bina BioX, a startup based in Petaling Jaya, showcased its innovative mycelium-based packaging as a sustainable alternative to polystyrene. Derived from mushroom roots, this eco-friendly material is biodegradable and reduces reliance on harmful plastics.
“Mycelium packaging is widely adopted in Europe, but it is relatively new to Malaysia. Our goal is to raise awareness and encourage its use as a sustainable option,” said lead researcher Syifaa Razak.
The Selangor Lab Partnership Programme has been instrumental in supporting companies like Bina BioX, providing resources to scale their innovations and address pressing environmental issues.
Mini Mall Sdn Bhd’s subsidiary, RVM Plus, introduced its reverse vending machines (RVMs), designed to make recycling more accessible and rewarding. These AI-powered machines allow users to recycle PET plastic bottles and aluminum cans in exchange for redeemable points.
“Our mission is to create a culture of recycling by making it a win-win for both individuals and the environment,” said Ethan Lim, co-founder of RVM Plus.
RVM Plus plans to deploy 50 machines across Kuala Lumpur and Putrajaya by mid-2025, contributing to Malaysia’s goal of achieving sustainable waste management practices.
Related: SIBS 2024 at Kuala Lumpur to Attract Global Investors
Digital Transformation
The Selangor Smart City & Digital Economy Convention (SDEC 2024) spotlighted the transformative potential of digital technologies in building resilient urban centers.
One of the key highlights of SDEC 2024 was the introduction of the NCT Smart Industrial Park (NCT SIP), a low-carbon industrial hub integrating advanced AI systems with ESG (Environmental, Social, and Governance) principles.
Key features of NCT SIP include:
- AI-enabled infrastructure for security, visitor management, and data analysis.
- Net-zero carbon emission goals, targeted for achievement by 2050.
- Facilities such as green factories, data centers, and worker accommodations.
“We aim to establish NCT SIP as a benchmark for sustainable industrial parks in Malaysia, aligned with the nation’s low-carbon aspirations,” said NCT Group General Manager Eddy Lim.
The Halal industry was a major focus at SIBS 2024, emphasizing Malaysia’s leadership in Halal certification and its economic potential.
Zaiyadal Keluarga Sdn Bhd introduced the VH Smart Halal Traceability System, a digital solution allowing consumers to verify Halal certification by scanning product barcodes. Integrated with the Department of Islamic Development Malaysia (JAKIM) database, the platform enhances transparency and trust for consumers and businesses alike.
“This system modernizes Halal compliance, simplifying the certification process for businesses and ensuring confidence for consumers,” said Syamsul Jasbin, manager of digitalization at Zaiyadal.
The VH Smart system not only supports Halal compliance but also positions Malaysia as a global leader in the Halal industry, attracting interest from international markets.
Empowering SMEs
SIBS 2024 provided an invaluable platform for small and medium enterprises (SMEs) to showcase their innovations, expand their networks, and secure partnerships.
- Mamarai Ventures Sdn Bhd unveiled its advanced retort packaging technology, which allows traditional Malay dishes to be stored at room temperature. This innovation enhances convenience for consumers while expanding the product’s shelf life, catering to both local and international markets.
- Teego by Boohaci Infinity introduced a range of seaweed-based snacks, emphasizing health-conscious and sustainable food options.
“Our participation in SIBS is a vital step in building brand awareness and creating growth opportunities said Norliana Abdul Malik, representative of Teego.
The Selangor ASEAN Business Conference served as a platform for dialogue on strengthening economic integration and addressing shared challenges within ASEAN. Discussions focused on trade resilience, investment opportunities, and climate action, highlighting the region’s collective potential for growth.
“SIBS is more than just a business summit; it’s a platform for innovation, collaboration, and driving progress across ASEAN,” said Invest Selangor CEO, Datuk Hasan Azhari Idris.
The success of SIBS 2024 highlights Selangor’s role as a leader in sustainable development, innovation, and economic growth. By facilitating collaboration among diverse stakeholders, the summit has become a model for regional events aiming to drive meaningful change.
Selangor’s initiatives, from advancing life sciences to promoting digital transformation and eco-friendly practices, demonstrate its commitment to addressing global challenges and setting a standard for inclusive progress.
As ASEAN continues to rise on the global stage, SIBS 2024 exemplifies how regional cooperation can foster resilience, sustainability, and prosperity for the future.
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