In anticipation of Malaysia's upcoming ASEAN Chairmanship in 2025, the 8th Selangor ASEAN Business Conference (SABC) 2024 convened to underscore the strategic role of Selangor within ASEAN's economic landscape.
Speaking at the conference today, Minister of Investment, Trade And Industry Tengku Zafrul Abdul Aziz highlighted three pivotal global mega-trends critical for future-proofing economies and businesses.
Firstly, amidst global supply chain realignments and the trend towards de-risking and deglobalisation, ASEAN has emerged as a beacon of stability and growth, attracting USD155 billion in Foreign Direct Investment (FDI) in 2023. Malaysia, particularly Selangor, has seen a 23% increase in approved investments totalling RM329.5 billion, with Selangor alone receiving over RM55 billion.
Secondly, the global race towards achieving net-zero emissions presents significant investment opportunities in green technologies.
Malaysia's recently unveiled Green Investment Strategy (GIS) aims to attract substantial green investments, complementing existing frameworks like the National Energy Transition Roadmap (NETR) and National Industry ESG Framework (i-ESG). Selangor stands poised to benefit from these initiatives, fostering new business avenues and job creation in the green industry sector.
Thirdly, the unstoppable march towards a digitally-driven economy, underpinned by advancements in AI and automation, offers immense potential for ASEAN's digital economy, projected to reach USD1 trillion by 2030.
Selangor, with its robust digital infrastructure and proactive industrial strategies, including the National Semiconductor Strategy (NSS), aims to position itself as a regional hub for semiconductors and high-tech industries.
Selangor, a state known for its economic dynamism and innovation, recorded a GDP growth of 5.4% in 2023, surpassing the national average. The state continues to attract substantial investments, with Q1 2024 alone seeing approved investments amounting to RM 12.4 billion, underscoring its pivotal role in Malaysia's economic landscape, Zafrul said.
Looking ahead to Malaysia's ASEAN Chairmanship in 2025, MITI is spearheading the economic agenda with a focus on enhancing regional trade and investment, fostering economic integration, promoting sustainability, and embracing digital transformation. Selangor's strategic location within the Klang Valley positions its businesses favourably to leverage key events in Kuala Lumpur, thereby enhancing their regional presence and contributing to ASEAN's collective economic growth.
Industry leaders and stakeholders in Selangor are encouraged to collaborate closely with government bodies such as MITI, MIDA, Invest Selangor, and the Malaysian Chapter of the ASEAN Business Advisory Council.
This collaboration aims to capitalise on forthcoming opportunities and foster mutual economic advancement during Malaysia's ASEAN Chairmanship.
As preparations progress for Malaysia's ASEAN Chairmanship, stakeholders are poised to engage actively in shaping ASEAN's economic agenda and advancing Selangor's industrial and export ambitions.
The forthcoming months promise further developments as stakeholders align efforts towards realizing Malaysia's economic vision and ASEAN's aspirations for a prosperous and resilient region.