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RM32 bin in investments, over 5,000 new job opportunities

RM32 bin in investments, over 5,000 new job opportunities

25 May 2023

Sarawak recorded total investments of RM32 billion and created more than 5,000 new employment opportunities in 2022, said Deputy Premier Datuk Amar Awang Tengah Ali Hasan.

The International Trade, Industry and Investment Minister said the investment sector contributed RM22.3 billion, followed by the manufacturing sector at RM85.2 billion and services sector at RM4.5 billion.

“For manufacturing-related investments in the period of 2022 until the first quarter of 2023, Sarawak has approved RM59. 6 billion for 87 projects.

“These investments are expected to create more than 6,700 employment opportunities,” he said in his ministerial winding-up speech.

He said among the major projects approved in this period were electrical and electronic products (RM6.29 billion), basic metal products (RM2.58 billion) and plastic products (RM167 million).

Similarly, he said the state’s manufacturing sector contributed RM37.2 billion or 28.4 per cent towards Sarawak’s economy and employed more than 167,000 people in 2021.

According to him, manufacturing is one of six sectors identified under the Post Covid-19 Development Strategy (PCDS) 2030 to propel the state’s gross domestic product to grow six to eight per cent per annum.

Thus, Awang Tengah said the Sarawak government will continue with its businessfriendly policy to attract more investments so as to create more business and employment opportunities.

Meanwhile, he said several investors have firmed up their investment intentions and submitted applications for the consideration of the government with regards to their proposed investments.

This includes the proposed basic metal for electric vehicle (EV) components project from Hong Kong worth RM6.3 billion; proposed urea and melamine project from China worth RM1.65 billion; proposed basic metal for EV components project from Australia worth RM900 million; and proposed chemical project from South Korea worth RM709 million.

Besides that, Awang Tengah said there are new investors who are in early discussions with the government to implement their projects in the state.

These include the proposed basic metal for solar photovoltaic project from China worth RM5 billion; proposed green metal project from Japan worth RM4. 4 billion; proposed basic metal for EV components project from Australia worth RM3.04 billion; and proposed chemical project from China worth RM571 million.

Source: Borneo Post