A BUSINESS delegation from the Selangor State Government of Malaysia is currently in the country to invite Philippine companies to invest in Selangor.
The Malaysian state sponsored a round table meeting on Invest Selangor, a program that showcases investment opportunities in Selangor, at the Pan Pacific Manila Hotel that was attended by some 30 Filipino investors.
The Malaysian delegation is promoting investment in five core sectors in Selangor: transport equipment, electronic products, food and beverages industry, machinery and engineering, and licenses. The licenses sector includes the medical, pharmaceutical and nutraceutical segments as well as promoting industrial parks in the Malaysian state.
“This is the five clusters of industries that we are going to give special attention in our effort to bring in FDI [foreign direct investment]for investment in these five fields,” Dato’ Teng Chang Khim of the Selangor State Executive Council told reporters.
“In the Philippines, people know about Kuala Lumpur, not realizing that Kuala Lumpur is in fact part of Selangor… but in Kuala Lumpur, there is no industry. Mainly, Selangor is a business capital now,” the official said.
“We have another administrative capital in Putra Jaya. All industries are in Selangor. And therefore our GDP contribution, you will see that Selangor is actually the economic powerhouse of Malaysia whereby Selangor contributes 23 percent of the national GDP,” he explained.
“So without Selangor, Malaysia will lose a quarter of its GDP and our annual growth rate is higher than the national growth rate. At present, our highest growth rate is 6.5 percent,” he said.
This is the first business delegation organized by a state government in Malaysia to the Philippines.
“For this trip, we come to Manila and tomorrow we go to Bangkok, and then we will go to Singapore and then Jakarta. So we are now trying to make an effort to get all our panels in Asean countries so that we can work as a team, especially in view if the coming into force of the Asean Economic Community,” Dato’ Teng said.
He said they hope to make Selangor a platform for Asean countries, especially for small and medium enterprises (SMEs) to market their products to the world and vice versa.
“The Selangor economic structure reflects that of Malaysia where 55 percent of the GDP comes from the service industry and about 30 percent comes from manufacturing, so to invest in Selangor is to invest in Malaysia… and to invest in Selangor is to invest in Asean because this is the gateway to Asean,” he said.
Invest Selangor also will be organizing one of the largest trade expos in Selangor, the Selangor International Expo (SIE) 2015. The event will be held from November 26 to 28, 2015, at the Mines International Exhibition and Convention Centre (MIECC), Malaysia.
Given the upcoming economic integration of Asean, Dato’ Teng said: “We need a platform for our manufacturers and also a platform for business matching and therefore we have taken the initiative to organize this expo.”
“SIE 2015 will provide 700 booths from different industries from Malaysian companies to international companies to showcase their latest products and services to attract potential buyers or spark the possibility of business collaborations and widen the scope of international development,” he said.