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Sarawak remains a top Malaysian investment destination for manufacturing, says Deputy Premier

Sarawak remains a top Malaysian investment destination for manufacturing, says Deputy Premier

30 Mar 2022

Sarawak has managed to remain a top investment destination in Malaysia for manufacturing sector as many countries gradually recover from the Covid-19 pandemic, said Deputy Premier Datuk Amar Awang Tengah Ali Hasan.

The Minister of International Trade, Industry and Investment said this showed investors have full confidence in the Sarawak government’s business-friendly policies and ability to handle the Covid-19 pandemic.

“In 2021, Sarawak approved RM7.1 billion worth of investment, whilst Mida (Malaysian Investment Development Authority)  reported RM5.6 billion. This was due to lag in reporting. At the same time, two major expansion projects in Sama Jaya totalling RM2.1 billion have yet to be included as they would be considered in 2022.

“Even during this challenging period, my ministry continues to engage with more potential investors, who have expressed their intention to explore opportunities in Sarawak,” he said in a speech read by Deputy Minister of International Trade, Industry and Investment Datuk Malcolm Mussen Lamoh at the Jom Regista Bisnes programme today.

Awang Tengah said the ministry has been conducting physical meetings with serious potential investors from Singapore in the metal sector, South Korea (chemical), China (integrated oil refinery), and Australia (green energy and basic metal).

In addition, he said video conferencing meetings were also held by the ministry with investors from Hong Kong (EV batteries) and United States of America (biomedical).

“My ministry is prepared to facilitate these investors so that their proposed projects can materialise in Sarawak,” he stressed.

He also said the ministry has commenced the Master Plan Study for the Development of Industrial Terminals in Sarawak.

When completed, it will enable Sarawak to plan and develop petrochemical downstream industries in a more holistic manner.

“In line with the Post Covid-19 Development Strategy, my ministry will continue to attract more quality foreign direct investment (FDI) and domestic direct investment (DDI), to become a high-income economy by 2030 where economic prosperity, social inclusivity, and environmental sustainability are enjoyed by all.

“I would like to urge the business community, including our small and medium enterprises (SMEs), to grab the opportunities made available from the various initiatives launched by the state government and work with us on transforming our industries,” he said.

Awang Tengah also noted the potential for new business opportunities following the relocation of Indonesia’s capital to Kalimantan.

“In Serian, the government has developed the Tebedu Industrial Park and Tebedu Inland Port located near the border of Kalimantan, Indonesia. These infrastructure facilities have potential for economic activities and cross-border trade.

“I hope that with these facilities, local SMEs will continue to be committed to growing their businesses,” he added.

Source: Borneo Post Online

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