Grand plans are only as good as their execution, and Selangor’s plan to become a world trade centre is undoubtedly a fine example of a grand plan.
This monumental task is one that Invest Selangor – the state government agency driving the mission – is determined to realise and confident it can achieve.
In an interview with FMT, Selangor’s senior state executive councillor Teng Chang Khim said although the state was in a strong position to become a world trade centre, the state government wasn’t leaving anything to chance.
“Selangor is the most developed state in the country. We are blessed with a stable socio-economic environment, the biggest talent pool in Malaysia and infrastructure, which is, by regional standards, pretty well-developed.”
Teng said Malaysia was still in the midst of shifting from its traditional manufacturing background to that of high-tech industries, but this didn’t mean that the manufacturing sector would be ignored.
He said for decades, the manufacturing industry had provided the backbone for Selangor’s economic growth, noting that in 2015, it contributed RM7.88 billion in investments to the state.
And while the state would continue to build on this, Invest Selangor was already pushing for the growth and development of “industries of the future”, such as aerospace and biotech.
“These industries are all about ingenuity and design, sectors where human capital can add a lot of value.”
He said the brain drain in the country may have triggered concerns among foreign investors, but with 150 institutions of higher learning in the country, Invest Selangor was confident the state’s large talent pool could cater to the needs of all investors.
“We also have to enhance and develop our local talent pool, so Invest Selangor has established the Invest Selangor Talent Initiative to connect industries with institutions of higher learning, to give students the edge in the challenging job market.”
This initiative, he said, would provide students with a competitive package of skills and knowledge to contribute to a company’s success through early exposure to the relevant industries and companies.
He also spoke on the importance of the Selangor Bio Bay in boosting the state’s status as a global player in biotechnology.
The Selangor Bio Bay, he explained, was a bio valley spanning over 1,000 acres in Pulau Indah which will be a centre for research institutes, laboratories and biotech-related manufacturing activities. The first phase of the Selangor Bio Bay is to be launched in September.
Another vital piece in the puzzle, he said, was the Halal International Selangor (HIS) initiative, which aims to be the centre of the global halal trade and industry by servicing the needs of consumers, retailers, traders, distributors and manufacturers through 10 key programmes.
These programmes address the development of human capital, industry development, funding, licensing, as well as delivery assurance and distribution, among others.
Teng said Invest Selangor was also constantly drawing investments into the state in various sectors to help achieve its goal of becoming a world trade centre.
Aside from investment missions overseas, Invest Selangor was also ramping up the Selangor International Expo (SIE), which has in recent years successfully positioned the state as a global trading hub.
“This year, we’ll be holding a 10-day Selangor International Business Summit (SIBS 2017), which the SIE 2017 is a part of.
“The SIBS 2017 will also include the Selangor Smart City & Future Commerce Convention 2017 and the Selangor-Asean Business Conference.”
The SIBS 2017 will run from Sept 7 to 17 at the Setia City Convention Centre (SCCC) in Shah Alam.
Teng said that the SIBS, alongside other Invest Selangor initiatives such as the Selangor Bio Bay and Halal International Selangor, coupled with the state’s investments in infrastructure and education, are the foundation on which the state could achieve its dream of becoming a world trade centre.
He added that he hoped this would culminate in the development of a new city, which would act as a world trade centre in five years.