Deputy Premier: Sarawak secures RM116 bln in investments from 2020 to Sept 2024
17 Feb 2025
Sarawak has attracted RM116 billion in investments from 2020 to September 2024, solidifying its status as a prominent destination for foreign investors.
This achievement was highlighted by Deputy Premier Datuk Amar Awang Tengah Ali Hasan during his address at the Parti Pesaka Bumiputera Bersatu (PBB) Convention at the Borneo Convention Centre Kuching here on Sunday.
He said of this RM116 billion, 60 per cent was foreign direct investment.
“This success is largely due to our political stability, business-friendly policies and efficiency of our government administration. The investments span key sectors, including premier industries central to the state’s economic strategy, manufacturing and services.”
He noted Sarawak was also in active discussions regarding investment proposals of at least RM100 billion in renewable energy, green hydrogen, manufacturing and the oil and gas sector.
Beyond attracting substantial investments, Awang Tengah said Sarawak also experienced significant growth in external trade, with total trade rising from RM150.87 billion in 2021 to RM193.42 billion in 2023 while exports in 2023 amounted to RM130.84 billion, far exceeding imports of RM62.58 billion.
He noted the state’s acquisition of a majority stake in Affin Bank and acquisition of MASWings, and its subsequent rebranding to AirBorneo, is expected to further bolster economic, trade and tourism activities in the state.
Meanwhile, Awang Tengah said Sarawak’s growing international prominence is largely attributed to its proactive stance of global challenges, particularly climate change.
He credited the leadership of Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg for driving policies that focus on green energy, renewable resources and sustainable development and the premier’s invitations to international forums in Europe and Asia, where his views on sustainable development are highly sought after.
Awang Tengah also detailed the progress of utility development under the 12th Malaysia Plan.
“A total of RM5.7 billion has been allocated for water supply projects, achieving 85.4 per cent coverage with 70.5 per cent in rural areas. RM2.82 billion has been invested in electricity, providing 99.4 per cent coverage statewide, and 98.6 per cent in rural areas.
“Additionally, RM2.3 billion is dedicated to expanding telecommunications, with 86.8 per cent coverage in the state. These comprehensive utility efforts are central to the state’s agenda, ensuring essential services reach even the most remote areas,” he said.
Source: Borneo Post
