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SABC 2023: Invest Selangor to increase and improve bilateral ties in ASEAN
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One of the panel sessions during Selangor ASEAN Business Conference 2022.
I
n order to promote ASEAN unity in the world of investment, as well as showcasing the vast expanse of investment opportunities in the region, Invest Selangor and the Selangor State Government are inviting stakeholders and key industry players to the seventh Selangor ASEAN Business Conference (SABC) 2023 in Kuala Lumpur.
Carrying the theme “Selangor, Epicenter of ASEAN: Leveraging Diversity, Catalyzing Opportunity, Creating Prosperity”, the event will be held on Oct. 19 and 20 at the Kuala Lumpur Convention Center. The strategic location between the Malaysian capital and the country’s economic powerhouse of Selangor will also display the pivotal role the area plays in shaping the economic landscape of Southeast Asia.
“First and foremost, we want to be in line with the ASEAN chairmanship, [which] is about ASEAN as the epicentrum of growth,” said Dato’ Hasan Azhari HJ Idris, CEO of Invest Selangor.
“Selangor, being the most developed state in Malaysia, we are the biggest contributor to the Malaysian economy. Data that was released last week by the Department of Statistics of Malaysia for the year 2022 [shows] Selangor contributed 25.5 percent of the entire national GDP. We would say, to understand Selangor is to understand ASEAN,” he added.
Southeast Asia is currently the fifth-largest economy in the world and on track to be the fourth-largest by 2030, with over 660 million consumers.
The Regional Comprehensive Economic Partnership (RCEP), the world's biggest trade agreement, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are projected to bring in as much as US$333 billion in economic gains to ASEAN by 2030. Moreover, the region’s digital economy surpassed $200 billion gross merchandise value earlier than expected.
The conference is a platform to promote investment opportunities in all ASEAN countries, beyond Selangor and Malaysia. The event has therefore gathered speakers from several ASEAN countries. Organizers have invited speakers from Indonesia, including State-Owned Enterprises (SOEs) Minister Erick Thohir, former deputy foreign minister Dino Patti Djalal and Dr. Yose Rizal Damuri, executive director of the Centre for Strategic and International Studies (CSIS).
“This year, we are talking One ASEAN in 2023 and the investment landscape in ASEAN. Of course, every country has its own strengths, has its own advantages in promoting opportunities, especially the businesses, the investment opportunities and so on,” said Dato’ Hasan Azhari.
“All these events will involve government leaders, industry captains, business chambers representatives and, of course, the players themselves. So, we combine them under one roof, under the various events, segmented to various themes,” he added.
Kick-starting the two-day event will be speeches by Dato’ Teng Chang Khim, the Executive Councilor for Industry and Trade of Selangor State, Dato’ Seri Amirudin bin Shari, the Honorable Chief Minister of Selangor, Datuk Seri Utama Tengku Zafrul, the Minister of Trade and Industry of Malaysia, as well as Indonesia’s SOEs Minister Erick.
The SABC Conference is one part of a bigger business event, called the Selangor International Business Summit, which consists of six main events, including the ninth Selangor International Expo (SIE) F&B, the ninth SIE MEDIC, the third Selangor Industrial Park Expo (SPARK), and the eighth Selangor Smart City & Digital Economy Convention, which in total are expected to receive more than 50,000 visitors over four days.
While the main and side events will discuss numerous topics, their underlying theme is rooted in ASEAN unity through regional economic integration and the potential of cross-border collaboration, despite the different regulations, approaches and trade agreements among member countries.
Dato’ Hasan Azhari stressed that while the conference would not solve all issues, it could play a part in highlighting them for further discussion by the authorities of individual countries.
The main event consists of four panel discussions, starting with “ASEAN Matters – Paving the Way Forward”, followed by “Unleashing the Digital Potential of ASEAN: Opportunities for Investment”. The third discussion is “Overview of the Investment Landscape in ASEAN – Outlook and Challenges”, and the fourth and final discussion is entitled “Capitalizing on Synergies: Maximising Malaysia-ASEAN Investment Potential”.
“There are a lot of opportunities for the participants to attend this event, and we are creating the opportunities for them, for their businesses, and also giving the opportunities for them to connect or to assess the market, the product and services, and to look into collaboration with potential partners within the region. In order for us to promote our state at the same time, we are also taking the opportunity to promote ASEAN as a whole,” Dato’ Hasan Azhari said.
