Sarawak records RM22.8b in 2023 approved investments - MIDA | Malaysian Investment Development Authority
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Sarawak records RM22.8b in 2023 approved investments

Sarawak records RM22.8b in 2023 approved investments

15 May 2024

Sarawak recorded RM22.8 billion of approved investments in services, manufacturing and primary sectors last, Deputy Premier Datuk Awang Tengah Ali Hasan told the state legislative assembly today.

He said domestic direct investment (DDI) was the main contributor at 65.8 per cent or RM15 billion while foreign direct investment (FDI) contributed 34.2 per cent or RM7.8 billion of the total approved investments.

“These approved investments involved 339 projects, which potentially create 4,500 jobs,” Awang Tengah, who is also the state minister of international trade, industry and investment, said in his winding-up speech.

He said the manufacturing sector contributed the most at 40.3 per cent or RM9.2 billion of the total approved investments, followed by the services sector at 38.6 per cent or RM8.8 billion and the primary sector at 21.1 per cent or RM4.8 billion.

He said the manufacturing sector contributed 27.7 per cent to the state’s total Gross Domestic Products (GDP), creating 4,200 employment opportunities.

He said the approved investments in manufacturing were mainly in the electrical and electronics (E&E) sector that produces mainly semiconductors wafers, testing and probing (RM3.4 billion); basic metal (copper foil & building materials) (RM2.6 billion) and chemical products (fertiliser) (RM1.3 billion).

He said it is worth noting that nearly 50 per cent of the approved projects in 2023 have been materialised in various stages of development, including the were E&E, basic metal, chemical and food products projects.

He said for the first quarter of this year, the manufacturing sector recorded RM2.4 billion worth of investment for 30 projects.

He said these investments are expected to create more than 2,000 employment opportunities and were mainly in chemical products (urea and melamine) (RM1.7 billion), basic metal products (metallic silicon and molten aluminium) (RM436 million) and non-metallic mineral products (cement and concrete) (RM143 million).

The minister said Sarawak continues to attract new investment interests and expansion from both FDI and DDI, including the solar glass project and mining of silica sand worth RM6.5 billion; data centre worth RM18.6 billion; and expansion to manufacture components for batteries worth RM1 billion.

He said the manufacturing will shift to more advanced and technology-driven production, move up the value chain and diversify towards sustainable green growth in line with the Post-Covid-19 Development Strategy 2030.

Awang Tengah said his ministry will continue to improve the ease of doing business to attract quality investments, enhancing the position of Sarawak as a preferred investment destination.

He added that the state holds huge potential in the resource-based sector, stating that there is a need to further unlock the opportunities and potential of this sector for the participation of foreign and domestic investors.

“The Sarawak Gas Roadmap comprising four strategic hubs in Miri, Samalaju, Bintulu and Kuching is expected to attract more than RM100 billion worth of FDI and DDI over the next ten years.

“The investment in oil and gas sector will further accelerate the economic growth, create jobs and stimulate infrastructure development,” he said, adding that the state-owned oil company Petroleum Sarawak Berhad (Petros) is investing RM4 billion in Bintulu, Samalaju and Miri hubs in the next three years.

He said these include the RM100 million to deliver gas to Bintulu town by expanding the trunkline and gas network for the benefit of more than 28,000 households, as well as commercial and industrial customers.

He said Petros is also involved in the RM1 billion 65km long Samalaju Pipeline development project to transport natural gas from Bintulu to the Samalaju Industrial Park by 2025.

He said Petros is also involved in the development of the RM2.5 billion 500 megawatts (MW) Miri Combined Cycle Gas Turbine Power Plant which is expected to be commissioned by the fourth quarter of 2027.

He said Petros continues to be actively involved in upstream activities especially in rejuvenating onshore exploration and commercialisation, adding that as of now it is already participating in 18 Sarawak blocks.

Source: Malay Mail