KUALA LUMPUR (Oct 10): The Selangor International Business Summit is hoping to bring in US$60 million in transactions this year.

In his welcome address at the Selangor International Business Summit 2019, Selangor Investment, Industry & Commerce, Small to Medium Enterprises (SMEs) and Transport exco and standing committee chairman Datuk Teng Chang Khim said some 24 countries, such as China, Singapore and Nigeria, were represented at the summit.

"We hope to achieve a transaction value of US$60 million this year, and I hope to be able to report that result at the end of this event," said Teng.

Teng explained that since the summit's inception in 2015, some RM680 million or US$163 million in cumulative trade value has been recorded.

In addition, 60,000 visitors from more than 33 countries have visited the summit since its inception.

He added that this year, some 800 booths were at the event and that approximately 30,000 domestic and international visitors were attending.

During his keynote address, Selangor Chief Minister Amiruddin Shari said last year's summit contributed to some RM6 billion in investments secured for Selangor's manufacturing industry for the first half of last year.

"We are on track to reach our forecast of RM10 billion in 2019 [for the sector]," said Amiruddin.

He added that in 2018, the manufacturing sector recorded RM19 billion in investments, an increase of 285% from 2017 levels.