Premier: Sarawak’s sustainable development a magnet for foreign investors
12 Oct 2023
Sarawak is rapidly becoming a magnet for foreign investors, with notable expansion projects and substantial investments underway in the state, said Datuk Patinggi Tan Sri Abang Johari Tun Openg.
Speaking to reporters after officiating at the inauguration of Taiyo Yuden’s new factory building at Sama Jaya High Tech Park here, Abang Johari highlighted the remarkable growth and increasing confidence of foreign investors in Sarawak.
He pointed to Taiyo Yuden, a leading Japanese materials and electronics company, as a prime example of this trend, as the company expands its operations in Sarawak.
“Taiyo Yuden is a remarkable example of the growing confidence foreign investors have in Sarawak. The company’s commitment extends beyond its current project, with plans to construct three additional buildings alongside its existing facilities,” he said.
Taiyo Yuden’s expansion project is expected to generate significant employment opportunities, with plans to hire approximately 4,800 individuals including about 600 engineering graduates, said Abang Johari.
“The confidence of foreign investors in us is high. Many other companies are currently in development, including LONGi and XFab, which will provide high-paying job opportunities. This aligns with our PCDS development strategy,” he added.
Earlier in his address, Abang Johari also outlined the state government’s commitment to meeting the increasing demand from investors and attracting further foreign direct investment (FDI).
Plans are underway to expand ports and develop state-of-the-art facilities in Kuching to cater to the expanding business community.
Sarawak’s dedication to sustainable development has attracted global attention, garnering favourable ratings from respected international rating agencies such as Standard and Poor’s and Moody’s Investor Services.
These endorsements validate Sarawak’s strategy to attract high-quality investments and drive large-scale development, all while adhering to Environmental, Social, and Governance (ESG) principles.
Sarawak has implemented robust policies and procedures to ensure transparency, integrity, and good governance, with a strong focus on improving the ease of doing business in accordance with ESG principles.
As such, there are ample opportunities across all sectors, both the supply and value chains, beginning from the development of growth enablers to economic activities, he said.
“I would like to urge our local entrepreneurs, particularly SMEs, to continuously upgrade your capabilities and capacities so as to meet the increasingly stringent requirements of the global markets.
“The government will continue to facilitate and nurture our SMEs. At the same time, the private sector as the engine of growth must be proactive and grab the opportunities made available from government and private sector initiatives,” he added.
Source: Borneo Post