RM7 mln for InvestSarawak 2023 to boost state’s economy - MIDA | Malaysian Investment Development Authority
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RM7 mln for InvestSarawak 2023 to boost state’s economy

RM7 mln for InvestSarawak 2023 to boost state’s economy

21 Nov 2022

A sum of RM7 million has been allocated for the established InvestSarawak, an entity to attract foreign direct investments (FDI) into the state.

Finance and New Economy Minister Datuk Patinggi Tan Sri Abang Johari Tun Openg said the entity is to spearhead new directions by driving in local and foreign investors to uplift the state’s economy.

He said this when tabling the Supply (2023) Bill, 2022 at the State Legislative Assembly (DUN) sitting here, today.

“We offer many competitive edges such as ready industrial land, competitive electricity price and educated workforce.

“In this respect, we have established InvestSarawak to promote Sarawak globally towards attracting foreign direct investment. A sum of RM7 million will be allocated for InvestSarawak in 2023,” he said.

Sarawak has been one of the most preferred investment destinations in Malaysia due to its business-friendly policies that aims to shore-up the confidence of investors for the growth of Sarawak’s economy.

This allocation was part of the RM10.797 billion tabled for the proposed Sarawak Budget 2023 today.

It was reported three months ago that United Overseas Bank (M) Bhd (UOB Malaysia) is set to facilitate FDI into Sarawak, as international companies are looking for opportunities in the state’s high-value sectors.

The bank expects more multinational corporates, especially those from the manufacturing, trade, technology, food and agriculture industries, to invest in Sarawak’s renewable energy, digital technology, ecotourism and agrotechnology sectors.

Meanwhile, on another note, the premier also highlighted that the state will continue to provide platforms to assist young entrepreneurs to recover their businesses post-pandemic.

“With the resumption of economic activities, the State Government is focusing on assisting our businesses to recover.

“Entrepreneurship is critical in fostering innovation, creating jobs, stimulating economic growth, and to improve the quality of life,” he said.

In relations to that, Johari said various initiatives will continue to be implemented to ensure business continuity such as provision of soft loans, interest subsidy, financial assistance for start-ups, product developments, capacity building, e-Commerce, promotion and marketing.

Among them are, Special Relief Fund, Targeted Relief & Recovery Facility (TRRF) and PENJANA Tourism Fund (PTF) with an allocation of RM18 million while Skim Kredit Mikro Sarawak and Skim Pinjaman Industri Kecil dan Sederhana (SPIKS) was granted RM14 million.

Graduan ke Arah Keusahawanan (GERAK), Usahawan Teknikal & Vokasional (USTEV) and Transformasi Usahawan Desa Sarawak will see an allocation of RM7 million to assist graduates, school leavers, and rural entrepreneurs with technical skills to start and expand their businesses.

The ‘Go Digital Programme’ will be alloted RM5 million to develop digital savvy SMEs in order to assist them to market their products and services through e-commerce platforms.

Source: New Sarawak Tribune