Sarawak deputy premier touts RM41.9b investment applications as proof of confidence in state govt

Malay Mail
Malay Mail

KUCHING, Dec 1 — Sarawak’s Ministry of International Trade and Industry and Investment has received applications for 46 projects with a total proposed investment of RM41.9 billion, Deputy Premier Datuk Awang Tengah Ali Hasan said today. He said the projects include RM35.45 billion for new investment projects in green steel and chemical products.

Another RM6.47 billion are for re-investment projects by existing investors for silicon wafer chips, copper foil and solar ingots and wafers at Sama Jaya High-Tech Park in Kuching and Samalaju in Bintulu.

“The fact that these investors continue to re-invest and expand their businesses in Sarawak even during this challenging time clearly reflects their confidence in the way we manage our economy and the political stability that we have in Sarawak,” Awang Tengah, who is also the state international trade and industry and investment minister said in his winding-up speech at the state assembly.

He said the investors in Sama Jaya and Samalaju have performed well where their total exports for the first 10 months of this year exceeded the total exports for the year 2021.

He added from January to October 2022, Sama Jaya recorded total exports of RM7.14 billion as compared to RM7.02 billion for the same period of 2021. Awang Tengah said that over the years, Sarawak has consistently ranked among the top investment destinations for manufacturing projects in Malaysia.

“However, the last couple of years have been challenging for Sarawak due to Covid-19 pandemic,” he said, adding that in order to catch up on lost time and lost opportunities, the state government has been actively promoting the state as an attractive location for investment.

“Despite the pandemic in the last two years, Sarawak managed to attract a total investment for manufacturing projects worth RM23.17 billion, with RM16.08 billion approved in 2020 and RM7.09 billion in 2021.

“From January to June this year, Sarawak has approved a total investment for the manufacturing sector of RM2.26 billion for 28 projects, where RM1.02 billion was approved under Industrial Coordination Act 1975 and RM1.24 billion was approved under State Industrial Coordination Committee.

“These investment figures do not include those investments from other sectors such as mining, agriculture, real estate and tourism, “he added.

Awang Tengah said Sarawak economy is expected to grow between 5.5 per cent to 6.5 per cent in 2022, supported by strong external demand and improvement in domestic economic activities, with the main drivers of growth being the manufacturing and services sectors.

“The manufacturing sector is projected to grow at 6.8 per cent in 2022,” he said, adding in the first eight months of this year, volume of liquid natural gas exported increased by 3.8 per cent compared to the corresponding period in 2021.

He added growth in the manufacturing sector will be further supported by increasing production of basic metal and electrical and electronic products.