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Investors to Leverage on Sabah’s Potential

Investors to Leverage on Sabah’s Potential

16 December 2019, Kota Kinabalu, Sabah – The Malaysian Investment Development Authority
(MIDA) collaborated with the Ministry of International Trade and Industry
(MITI) and Department of Industrial Development and Research (DIDR) Sabah to organise
the Sabah Investment Seminar 2019, today.
The event, graced by YB Tuan Chong Chen Bin, Assistant Minister of Trade
and Industry (MTI), Sabah aimed to update participants on the current policies,
incentives and financial supports that are available for investors. Also
present was Mr. Hairil Yahri Yaacob, Deputy Secretary General
(Investment) of MITI and Mr. Ahmad Khairuddin,
Deputy Chief Executive Officer II, MIDA.

YB Tuan Chong Chen Bin, in his speech, highlighted that
Sabah offers multiple business opportunities that have yet to be fully explored
and tapped by the business community. “The State Government welcomes quality
foreign and domestic investments, be it in the form of a direct capital
injection or strategic collaborations. Some areas of potential investment
opportunities include specialised industrial parks and estates, human resource
development programmes, R&D and ICT. To drive Sabah’s industries into
Industry 4.0, we welcome the announcement of the extension of the Automation
Capital Allowances (Automation CA) to the year 2023 and the expansion of its
scope to include the services sector. This incentive will, undoubtedly, enable
more Sabahan stakeholders to embrace digitalisation in their operations,
strengthening their businesses’ ability to be integrated into more established
global supply chains.”

Mr. Hairil Yahri Yaacob, Deputy Secretary General
(Investment) speaking on behalf of YB. Datuk Darell Leiking, Minister of
International Trade & Industry (MITI) said, “The Federal Government,
through MITI and MIDA is continuously intensifying its efforts to attract more
high level and quality investments to all states including Sabah. As at June
2019, a total of 776 manufacturing projects with investments worth RM19.9
billion have been approved and implemented in Sabah. These projects, mainly in
food manufacturing, beverages and tobacco, textiles and textile products, wood and
wood products, and furniture and fixtures have created over 91,800 jobs to the
State. In the first nine months of this year, Sabah attracted additional
approved investments of RM890.7 million in the manufacturing sector, compared
with RM140.9 million, approved in the same period last year. Of this, RM744.6
million was from domestic investments, representing 83.5 per cent of Sabah’s
total approved investments in the manufacturing sector from January to
September 2019.”

According to Mr. Ahmad Khairuddin, Deputy Chief
Executive Officer II of MIDA, “We are working closely with the relevant stakeholders,
including the State Government and other government agencies through various
initiatives to attract more investments into all states in Malaysia. For Sabah, this
year alone, we have conducted many outreach programmes to facilitate businesses
here. For example, under our SME Investment Desk initiative, MIDA Sabah has
reached out to companies located in various areas including Kota Kinabalu,
Kudat, Tenom, Keningau and Labuan to share information on facilities and
incentives available to grow their businesses. This is in line with MIDA’s ecosystem approach in promoting investments
where we fill in the gaps in targeted industries’ value chain. Through this, we
offer a more sustainable reason for companies to remain and grow in Malaysia.”

The Sabah Investment Seminar was well attended by over
300 participants from various fields, including manufacturers, and service
providers. It featured presentations by a broad range of speakers from MIDA, Department of
Industrial Development and Research (DIDR) Sabah,
Malaysia Productivity Corporation (MPC), Malaysia External Trade Development
Corporation (MATRADE), Syarikat Jaminan
Pembiayaan Perniagaan (SJPP),Malaysia Debt
Ventures Berhad (MDV), Cradle Fund, Standards
Malaysia, Sabah Port, Sabah Economic Development and Investment Authority
(SEDIA), Sabah Softwoods Hybrid Fertiliser, and
Layang Layang Group.

****

About
MIDA

MIDA is the
government’s principal promotion agency under the Ministry of International
Trade and Industry (MITI) to oversee and drive investments into the
manufacturing and services sectors in Malaysia. Starting operations in 1967
with a relatively small set up of 37 staff, MIDA has grown to become a strong
and dynamic organisation of over 700 employees. Headquartered in Kuala Lumpur
Sentral, MIDA today has 12 regional and 20 overseas offices. MIDA continues to
be the strategic partner to businesses in seizing the opportunities arising
from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on
Twitter, Instagram and Facebook.

For more information, please contact:

Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid

Director, Domestic Investment and Supply Chain Coordination Division,
MIDA

Tel.: 03-2267 6633 | Email: [email protected]

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