Awg Tengah: Sarawak records RM116 bln in approved investments since 2020, solidifying its economic hub status
13 Feb 2025
Sarawak has attracted RM116 billion in approved investments across all sectors from 2020 to September 2024, solidifying its position as a major investment hub in Malaysia, said Deputy Premier Datuk Amar Awang Tengah Ali Hasan.
Speaking at a press conference today, the State Minister of Natural Resources and Urban Development and Minister of International Trade, Industry and Investment, attributed this success to Sarawak’s stable political climate and pro-business policies.
“Now, from the year 2020 to September 2024, total approved investment to Sarawak across all sectors thas been recorded, amounting to RM116 billion,” he said.
He was speaking at a press conference in conjunction with the 16th Parti Pesaka Bumiputera Bersatu (PBB) Convention, scheduled to take place from Feb 14 to 16 at the Borneo Convention Centre Kuching (BCCK).
He emphasised that Sarawak continues to be a prime investment location while simultaneously developing its conventional economic activities and exploring new industries based on sustainable development.
“Besides enhancing our conventional economic activities, our Premier wants to explore new areas based on sustainable development because, in the pillars of our Post-Covid-19 Development Strategy (PCDS) 2030, one of the key focuses is environmental sustainability,” he said.
Sarawak is also making significant strides in renewable energy, he said, aiming to generate at least 15,000 megawatts of electricity by 2035, not only for domestic consumption but also for export.
“We are going to be the hub. We have already started exporting power to Kalimantan, Indonesia, and now Sabah also wants to buy power from us. Even Singapore, and possibly Peninsular Malaysia, could be supplied by Sarawak,” he elaborated.
Beyond renewable energy, Awang Tengah said Sarawak is also strengthening its presence in the oil and gas sector through Petroleum Sarawak Berhad (Petros).
“We have already signed the Commercial Settlement Agreement with Petronas and the federal government, which provides a framework for us to work together. Petros is now the sole aggregator of gas in Sarawak, giving us a stronger position in the industry,” he said.
He also emphasised the state’s commitment to infrastructure development, including new ports and airports, to facilitate economic growth.
“Our Premier has announced that we will have a new port and a new airport. Yesterday, we took over MASwings and launched AirBorneo.
“This is crucial to unlocking Sarawak’s economic potential,” he said.
To ensure Sarawakians benefit from this economic growth, Awang Tengah said the state government is also investing in education and skills development.
“By 2026, we aim to provide free tertiary education for Sarawakian students. The students won’t have to pay – the government will cover their education costs,” he said.
He also highlighted Sarawak’s recent recognition by the World Bank as a high-income region in 2023 and 2024, attributing this achievement to the Premier’s leadership.
With a clear economic direction and strong leadership, Awang Tengah expressed confidence that Sarawak will continue to grow and attract more investments in the years to come.
Source: The Borneo Post
