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It is indeed my honour to say a few words in conjunction with MOGSEC 2018, having recently been tasked in overseeing the International Trade & Industry portfolio. Indeed, events such as MOGSEC play a highly instrumental role in driving the local industry. It is also a vital platform that will give local entities high visibility and exposure, even to a point of catapulting them into the circles of big international players.
Constituting roughly 20% of the Malaysian economy, the Oil, Gas and Energy sector is crucial to the growth of the country. In order to achieve the projected Gross National Income (GNI) of RM131.4 billion and create 52,300 additional jobs by 2020, the OGE sector is focused on three key areas – expanding the downstream sector, lifting domestic production and pushing for renewable energy.
Malaysia’s OGE sector is targeting a 5% annual growth until 2020, and it is thus far on track to achieve this despite volatile market conditions. Projects such as regional storage solutions and unlocking of premium gas demand, among others, are targeted to contribute towards the sector’s growth for the next few years.
One important factor towards the development and growth of Malaysia’s OGE sector is the opportunity for more local-foreign partnerships and greater exposure for local players. History has witnessed numerous OGE companies which have succeeded as first-time bidders for international projects. One of the catalysts towards this success is the exposure garnered at events such as MOGSEC.
MOGSEC 2018 will certainly create new business opportunities and exposure for local players, while boosting trade relations between local and foreign companies. I was informed that MOGSEC 2016 attracted a total of 303 exhibiting companies and welcomed 5,992 professional and trade visitors from Malaysia and abroad. The event also recorded a total of 232 scheduled meetings between attendees and exhibitors through the B2B Business Matching Platform.
I have no reservations that MOGSEC 2018 will raise the bar once again, as proven in previous instalments. I am certain we can look forward to more mutually beneficial partnerships and collaborations at MOGSEC 2018 through its business matching platform and networking events.
We look forward to the upcoming MOGSEC and its role in strengthening Malaysia’s brand in the eyes of foreign investors in the OGE sector and beyond. I am confident that MOGSEC 2018 will go a long way in positioning Malaysia as the regional hub for Oil & Gas Innovation.
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