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Mussen: Sarawak approved RM9.6 bln for investment in manufacturing sector from 2022

Mussen: Sarawak approved RM9.6 bln for investment in manufacturing sector from 2022

17 May 2023

Sarawak has approved investment totalling RM9.6 billion in the manufacturing sector from 2022 until first quarter of 2023, said Deputy Minister of International Trade, Industry and Investment Datuk Malcolm Mussen Lamoh.

“Out of this, RM6.05 billion is from foreign direct investments (FDI) which is expected to create about 3,800 job opportunities in electric and electronic products (solar ingot and wafer and substrates for hard disk drive); and basic metal products (copper foil and metallic silicon),” he said at the State Legislative Assembly (DUN) today.

He mentioned this in his reply to Datuk Mong Dagang (GPS-Bukit Begunan) during the question and answer session,

Aside from foreign direct investment (FDI), he said Sarawak has also approved a total of RM3.55 billion for domestic direct investment (DDI) in the same period.

He said the DDI is in the manufacturing sector in various industries such as electrical and electronic products, basic metal products, plastic products, services, chemical and chemical products, food products, non-metallic mineral products and others.

“These investments are expected to create about 2,800 new job opportunities,” he added.

To a supplementary question, he said the state and the federal governments always implement programmes to attract investment to Sarawak through investment promotions and stakeholders’ engagements both locally and abroad.

“In addition to the tax incentives provided by the federal government such as pioneer status, investment tax allowance and reinvestment allowance, the Sarawak government also provides the following incentives (such as) competitive land premium with flexible terms of payment (up to five years);  30 per cent rebate on land premium if project is completed and operational within three years; and competitive electricity and water tariff.

“In line with Post Covid-19 Development Strategy (PCDS) 2030 initiative, the Sarawak government is establishing InvestSarawak which will act as a one-stop investment agency to promote and facilitate investment and trade in Sarawak,” he added.

Source: Borneo Post