MIDA and Sarawak State Government Unveil Landmark Investment Opportunities at MIDA Invest Series Event
Kuala Lumpur, 17 July 2024 – The Malaysian Investment Development Authority (MIDA) and the Sarawak State Government have successfully organised the first installment of the MIDA Invest Series – Sarawak: Unfolding Its Business Potential. This significant event aims to highlight Sarawak’s dynamic business landscape, presenting untapped business and investment opportunities, and facilitating engagement with key state agencies and stakeholders. Held at MIDA Sentral in Kuala Lumpur, the event has garnered over 200 participants, including industry leaders, government officials, entrepreneurs, and senior management from various sectors.
The event was graced by YAB Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari Tun Datuk Abang Haji Openg, Premier of Sarawak, and attended by YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry (MITI), YB Datuk Amar Haji Awang Tengah Ali Hasan, Deputy Premier/Second Minister Natural Resources and Urban Development/Minister for International Trade, Industry and Investment Sarawak, YBhg. Datuk Bahria Mohd. Tamil, Deputy Secretary General of MITI, YBhg. Tan Sri Dato’ Seri Dr. Sulaiman Mahbob, Chairman of MIDA, and Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid, Chief Executive Officer (CEO) of MIDA. The event also saw the participation from heads of state and federal governments’ department and agencies.
YAB Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari Tun Datuk Abang Haji Openg, Premier of Sarawak in his address, said “There are huge opportunities for investors to collaborate with Sarawak and grow the clean energy generation sector. We are currently prioritising key areas such as Large-Scale Solar, BioEnergy including Biogas and Biomass, Waste to Energy, Pump Hydro Storage to address the intermittency of Variable Renewable Energy, and many more clean energy generation technologies that can be commercially deployed in Sarawak.”
YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, MITI Minister highlighted, “The recent approval of the Green Investment Strategy (GIS) by the National Investment Council marks a significant milestone in our efforts to drive sustainable socio-economic development. The GIS aims to effect Malaysia’s energy transition and attract green investment in a more systematic way. In terms of targets, our aim is to attract roughly eight times the current value of green investments into Malaysia, guided by the seven low-carbon thrusts; as well as leveraging foreign investments in green technology and improving the green investment ecosystem. Sarawak’s ambitious green energy agenda, which aims to decarbonise its transport system and transition towards a low-carbon economy, is highly complementary to our national-level strategy on green investments, the NIMP and the NETR.”
YB Datuk Amar Haji Awang Tengah Ali Hasan, Deputy Premier/Second Minister Natural Resources and Urban Development/Minister for International Trade, Industry and Investment Sarawak said, “Sarawak offers a compelling value proposition across various economic sectors aligned with Sustainable Development Goals and ESG principles. These principles are integral parts of our development strategy. Therefore, unfolding a sustainable future for Sarawak is about showcasing balanced economic growth with environmental stewardship and inclusive future.”
Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA said, “One of the core reasons MIDA Invest Series events are held is to help all states achieve their full potential in bringing about development. MIDA organises such strategic promotional events to highlight each state and region’s unique comparative and competitive advantages. This programme aims to provide the business community with essential information on government facilities and initiatives designed to build and sustain the competitive edge of domestic companies. Additionally, we strive to keep everyone informed about the latest industry and investment developments. Today, we continue the momentum by spotlighting the business and investment opportunities in Sarawak”.
The programme featured three insightful sessions that highlighted Sarawak’s strategic initiatives and investment opportunities in key sectors, sustainable port infrastructure development, and the roadmap of digital economy and digital transformation in Sarawak, presented by esteemed speakers from relevant state agencies.
Sarawak stands at the forefront of investment potential, driven by its vast natural resources, strategic initiatives and recent advancements. In 2023, Sarawak achieved a significant milestone with a total approved investment of RM7.8 billion in manufacturing and selected services which are under MIDA’s purview, reflecting substantial growth of 387.5% compared to 2022. This upward trajectory is expected to continue in 2024, with Sarawak securing RM1.3 billion in approved investments under the same sectors in the first quarter (January to March), contributed by the foreign private investment, encompassing 8 projects expected to create 1,171 potential employments in Sarawak.
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About MIDA:
MIDA is the Government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA today has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram and Facebook, LinkedIn, TikTok and YouTube channel.
About Ministry of Industrial Development (MINTRED) Sarawak:
The Ministry of International Trade, Industry and Investment (MINTRED) Sarawak has been established since 1987. Headquartered in Kuching, it is Sarawak’s lead government agency to spearhead the development of industries and small and medium enterprises as well as promote international trade and investment. MINTRED aims to provide effective facilitation, coordination and support to make Sarawak the preferred investment destination and trading partner. For more information, please visit http://mintred.sarawak.gov.my.
FOR MORE INFORMATION, PLEASE CONTACT:
Malaysian Investment Development Authority (MIDA)
Mr. Sukri Abu Bakar
Director, Domestic Investment Division
Email: [email protected] l DL: +603-2267 3685
Ministry of Industrial Development (MINTRED) Sarawak
Ms Lo Sheau Sia
Deputy Permanent Secretary
Email: [email protected] l DL: +6082495748
