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Sarawak continues to be among top five investment destinations in Malaysia, says Abang Johari

Sarawak continues to be among top five investment destinations in Malaysia, says Abang Johari

04 Mar 2021

KUCHING (March 4): Sarawak continues to be among the top five investment destinations in Malaysia with an approved investment worth RM19.6 billion last year, said Datuk Patinggi Abang Johari Tun Openg today.

The Chief Minister said Sarawak, with farsighted and long-term strategic planning, had clear competitive differentiators and value propositions for prospective investors.

“We provide competitively-priced renewable and reliable power, connectivity infrastructure, investment infrastructure, friendly business policies and competent and trainable workforce.

“I am happy to note that Sarawak continued to be among the top five investment destinations in the country, recording an approved investment worth RM19.6 billion last year,” he said when witnessing the term sheet signing between Syarikat Sesco Berhad and Malaysia LNG Sdn Bhd.

Abang Johari said the state government is committed to ensuring that all development taking place will be in line with achieving Sarawak’s high-income economy by 2030.

He added that the state government aimed at striking a balance between socio-economic development and environmental well-being.

“This is demonstrated by our early decision to focus on renewable hydropower development as one of the enablers to attain a high-income status by 2030 through the Sarawak Corridor of Renewable Energy (SCORE) in 2009.”

He said the state had also retained its thermal gas and coal fired power plants to provide security of supply.

Such strategic energy policy shift had yielded many benefits for Sarawak and its people, he pointed out.

Over the years, he said the state had been able to provide electricity tariffs at competitive prices in Malaysia and region.

“It has also boosted economic growth by attracting investments to Sarawak. Between 2008 and 2020, 12 PPAs (power purchase agreements) have been signed with industries in SCORE as well as a Power Exchange Agreement for the Interconnection with PLN in West KaIimantan and a total of 2,900MW has been committed.”

On the term sheet signing, Abang Johari said it marked a key milestone in the relationship between Sarawak Energy and Petroliam Nasional Berhad (Petronas).

He said it would allow the state to continue sharing its renewable energy resources with other energy players in development a sustainable energy future.

“The commitment to provide 90MW of power supply to the Malaysia LNG complex in Tanjung Kidurong for a term of 20 years indicates confidence in not just Sarawak Energy’s ability to provide power but also attests to Petronas’ confidence in its long-term presence in Sarawak.”

He added that the agreement also built upon the memorandum of understanding signed last year between the two parties to jointly explore the commercial production of green hydrogen to progress a green hydrogen economy for Sarawak and beyond.

On Dec 7 last year, Petronas and Sarawak signed the Commercial Settlement Agreement (CSA) for partnership in the development of both the upstream and downstream of the oil and gas resources in Sarawak for mutual benefits.

Source: The Borneo Post

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