Political stability, good governance make Sarawak attractive for investment, says Awg Tengah
17 Jul 2024
Sarawak’s stable political climate and transparent governance will give confidence to investors who wish to establish and grow their ventures in the state, said Datuk Amar Awang Tengah Ali Hasan.
“We provide a business-friendly environment. Our clear legal framework and supportive policies are designed to support investment and improve ease of doing business,” said the Deputy Premier and Minister for International Trade, Industry and Investment.
He said this in his welcoming address at the ‘Invest Series Sarawak – Unfolding Its Business Potential’ programme at the Malaysian Investment Development Authority (MIDA) headquarters in Kuala Lumpur today, where Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg was the guest of honour.
The comprehensive incentives offered by the federal and Sarawak governments such as tax holidays, investment allowances, as well as competitive electricity and water tariffs make Malaysia, including Sarawak, an attractive investment destination, added Awang Tengah.
“These incentives reflect our commitment to create a business-friendly environment and foster sustainable development.
“Sarawak is a beacon of economic opportunity within the heart of Southeast Asia and has been making significant strides in sustainability. She is a jewel in the crown of Malaysia, bestowed with rich natural resources, biodiversity and cultural heritage.
“Our growth is driven by strategic initiatives and a commitment to sustainable development, which integrates with our long-term plan known as the Post Covid-19 Development Strategy (PCDS) 2030. We aim to be a high income and developed region by 2030,” he said.
Being strategically located on Borneo Island, he added, Sarawak provides excellent access to the booming Asian market, comprising about 60 per cent of the world population.
He said this prime geographic position makes Sarawak an ideal gateway to penetrate the broader market in Asia and beyond.
“Our land mass of 12.4 million hectares is richly endowed with natural resources, from vast forest, arable agriculture land, extensive mineral deposits to large reserves of petroleum and natural gas, which have yet to be fully tapped.
“These resources present numerous investment opportunities, which also provide a solid foundation to grow and expand the six economic sectors identified under the PCDS 2030. These sectors are manufacturing, agriculture, forestry, tourism, mining and services.
“We will ensure this natural wealth is managed responsibly through sustainable practices between economic development, societal progress and environmental stewardship,” he stressed.
He said Sarawak aims to be a regional green energy powerhouse, leveraging on 20GW hydropower potential from a vast network of rivers.
“We have made significant strides in harnessing hydropower potential. Major hydropower projects, namely Batang Ai, Bakun and Murum, have contributed more than 60 per cent to our energy mix.
“We are exploring innovative ways of harnessing energy using cascading dams, solar, wind, biomass, sustainable fuel and hydrogen. These create a dynamic environment for investors to invest in sustainable and renewable energy solutions.
“In addition, renewable energy has become a major attraction for investors seeking to reduce their carbon footprint,” he explained.
He said Sarawak is also poised to lead in the emerging hydrogen economy and the state’s hydropower provides a sustainable and affordable energy source that enables Sarawak to become a hydrogen hub.
This new economy, he pointed out, offers investment opportunities, from developing advanced electrolysers and fuel cells to creating sustainable storage solutions and transportation networks.
He highlighted that Sarawak is also a major player of Carbon Capture, Utilisation and Storage (CCUS) industry in Southeast Asia, and is the first in Malaysia to pass the laws which enable CCUS and carbon related activities to be carried out in Sarawak.
CCUS is an enabler for low-cost low-carbon hydrogen production that supports decarbonisation efforts.
Besides, he added, Sarawak is at the forefront of digital revolution and will continue to expand digital infrastructure, enhance digital skills and innovation to create an integrated ecosystem and vibrant technology sector.
“We offer investors a conducive environment for pioneering new technologies and solutions such as digitalisation, automation, artificial intelligence and internet of things (IOT).”
Awang Tengah also pointed to strategic infrastructure development as a key pillar to enhance connectivity and support economic growth.
“We are upgrading the transportation networks including roads, ports and airports as well as utilities and telecommunication for more efficient business operations within Sarawak and beyond.
“We have developed industrial parks equipped with basic infrastructure and facilities such as Sama Jaya Free Industrial Zone, Samalaju Industrial Park and Demak Laut Industrial Park to drive economic growth.”
Awang Tengah also said that skilled workforce is a critical asset to attract investment.
“Our young, well-educated and trainable workforce not only meets the demand of industries but is adaptable to future needs.
“Therefore, we are dedicated to building a stronger, resilient and innovative community through talent development. We are collaborating with international education institutions and industry partners to unlock the full potential of our people,” he said.
He also 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,” he added.
Sarawak will continue to have close operation and collaboration with the federal government, particularly with the federal Ministry of Investment, Trade and Industry (Miti) and MIDA, he said.
“Finally, I invite you to explore the investment opportunities and to be part of our vision for a prosperous, inclusive and sustainable Sarawak,” he told the audience.
Source: Borneo Post
