China important for trade, investment to boost Sarawak economic devt, says deputy premier - MIDA | Malaysian Investment Development Authority
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China important for trade, investment to boost Sarawak economic devt, says deputy premier

China important for trade, investment to boost Sarawak economic devt, says deputy premier

03 Sep 2023

China is an important source for trade and investment that contributes significantly to the economic development of Sarawak, said Deputy Premier Datuk Amar Awang Tengah Ali Hasan.

The International Trade, Industry and Investment Minister said several investors from the Chinese republic have made Sarawak their operational base, such as for solar and steel manufacturing with more still under discussion.

“In the last 10 years, Chinese companies have invested over RM17.5 billion in Sarawak mainly in manufacturing of products such as basic metal, electrical and electronics and wood-based,” he said at the launch of the second edition of his ministry’s MINTRED Connects Programme in Beijing, China on Friday.

He said China is regarded as an important trading partner of Sarawak with total trade between the two valued at RM36.73 billion last year, which was an increase from RM27.045 billion in 2021.

“These include Sarawak exports to China valued at RM24.6 billion for items including liquefied natural gas, chemicals, minerals, edible oils, and so on, and Sarawak imports from China valued at RM11.74 billion for items including chemicals, mineral fuel, lubricants and miscellaneous manufactured articles,” he said.

At the event, MINTRED Connects Beijing received overwhelming response where Awang Tengah witnessed the signing of 11 Memorandum of Understandings (MoUs) between Sarawak companies with their Chinese partners in education, digital application and trade facilities.

The signing of these MOUs will pave the way for more collaborations in educational and technical as well as services between Malaysia, particularly Sarawak, and China.

MINTRED Connects will continue its promotional activities in China through participation in the China International Fair for Trade in Services from Sept 2-7 at China National Convention Centre.

The second edition of MINTRED Connects in Beijing was organised following the success of the programme in Guangzhou in June this year.

MINTRED Connects is the Ministry of International Trade, Industry and Investment’s outreach trade and investment promotion programme aimed to connect Sarawak entrepreneurs with potential partners and investors from all corners of the world.

The programme serves as one of the ministry’s efforts to provide more exposure to Sarawak’s small, medium enterprises and connect them with more opportunities from all over the world.

At the same time, MINTRED is engaging with investors who are keen to explore investment opportunities in Sarawak.

Also present were Deputy International Trade, Industry and Investment Minister Datuk Dr Malcolm Mussen Lamoh, MINTRED advisor Datuk Naroden Majais, acting permanent secretary Dzulkornain Masron, Ministry of Education, Innovation and Talent Development permanent secretary Azmi Bujang, and Regional Corridor Devleopment Authority chief executive officer Datu Ismawi Ismuni.

Source: Borneo Post