Meanwhile, Asean is harnessing its geographical advantages as it pushes to become an economic powerhouse. In addition to a diverse mix of cultures, languages and industries, the region has a population of more than 660 million. Of those, over 60 per cent are aged under 35 and embracing digital technology, making for a young, tech-savvy workforce.

“Every country has its strengths and presents unique opportunities for collaboration and investment,” says Dato’ Hasan Azhari Bin Haji Idris, CEO of Invest Selangor, a government body that oversees investment and business opportunities in the state.

“Brunei, for example, with its oil and gas industries, offers prospects in energy-related ventures; the Philippines has both a growing consumer market and opportunities in sectors like IT, tourism and infrastructure development; while East Timor is an emerging economy presenting opportunities in agriculture, infrastructure and renewable energy.”

Asean’s potential as a major global economy will be on display at the Selangor International Business Summit (SIBS), an annual event organised by Invest Selangor. It brings together local and international industry players that are keen to explore business growth and investment opportunities in the state and region.

This year, the various event components of SIBS will be presented in two separate series for the first time. The first series, which takes place from July 25 to 27, will feature the Selangor Asean Business Conference (SABC) and the Selangor Investment and Industrial Park Expo (Spark).

The second series, set for October 16 to 19, will include the Selangor International Expo for the food and beverage industry, the Selangor Life Sciences Convention and the Selangor Smart City and Digital Economy Convention. Both series of the summit will be held at the Kuala Lumpur Convention Centre.

The expansion of SIBS across two event series signifies the summit’s integral role as an economic driver for Selangor, as well as the state’s influence in developing Asean into an international investment hub.

Selangor is a major contributor to Malaysia’s economy. In 2022, the state’s GDP was 384.9 billion Malaysian ringgit (US$80.7 billion), accounting for 25.5 per cent of the national GDP. It also received 33 billion ringgit in foreign direct investment, led by strong manufacturing and services sectors.

Selangor encircles the Malaysian capital of Kuala Lumpur and is globally connected by two international airports. It is also home to Port Klang, Asean’s second-largest container port after Singapore and the 12th-largest in the world, positioning the state as a logistics powerhouse for moving global goods into the region.

This connectivity underpins Selangor’s competitiveness in attracting local and foreign investment into the region, according to Dato’ Hasan Azhari. “We have the advantage as the main gateway by sea or air. This enables businesses to access markets with ease,” he says, adding that Selangor’s international trade, economic activity and multilingual talent pool helps fuel investment as well as job creation and growth.

Connectivity and resilience are central themes of this year’s edition of SABC. This mirrors the 2024 theme of the Asean Business Advisory Council, which is chaired this year by the Laotian government. In line with these themes, SABC will host panel discussions on topics including market access, regional economic integration and entrepreneurship, with a line-up of keynote speakers who represent industry sectors and government bodies.

“Resilience is crucial for navigating uncertainties and disruptions from economic downturns, natural disasters or geopolitical tensions,” Dato’ Hasan Azhari says, adding that sustainable practices, resilient infrastructure, innovation and collaboration can help attract investment into the region.

“Asean could become an alternative manufacturing hub, driving growth and creating jobs. We can offer a complete industrial ecosystem by taking advantage of each country’s strengths. There is a lot of potential to be tapped, and I think there are still hidden gems.”

SABC serves as a platform for industry stakeholders to showcase the diversity of the region. Chief ministers from key Malaysian states including Penang, Johor and Sabah will share insights into their respective states’ potential for growth as well as the future challenges they are facing.

The July conference will also feature country pitches from nations including Thailand, Vietnam, Indonesia, Brunei, Cambodia, the Philippines and East Timor, with representatives sharing the industrial and business opportunities offered by each. In addition, panel discussions will explore how agreements such as RCEP are reshaping trade opportunities and integration in Asean.

“As a leading investment destination leveraging local strength regionally, discussions will delve deep into the evolving market dynamics and the immense potential of Asean,” Dato’ Hasan Azhari says. “This event not only promotes Selangor as the investment destination, but we are also giving an opportunity for other states to promote themselves, because having prosperous neighbours is better than not having prosperous neighbours.”

Spark 2024 will be held concurrently alongside SABC, offering in-depth insights into the business, investment and industrial ecosystems of Selangor, Malaysia and Asean. It will offer discussions, workshops, networking sessions and exhibits addressing issues such as market trends, regulatory frameworks and investment incentives.

Last year’s edition of Spark hosted 258 exhibitor booths and drew representatives from more than 80 countries, culminating in transactions valued at 468.4 million ringgit.