Sabah already has quality China investments, says POIC Group chairman

Sabah already has quality China investments, says POIC Group chairman

02 Apr 2023

The Sabah business community should not be unduly worried that none of the 19 MoUs (Memoranda of Understanding) signed in Beijing in conjunction with the visit of the Prime Minister to China involved any Sabah company or investments in the state.

POIC Group chairman Datuk Yong Teck Lee said this is because Sabah has already been receiving a healthy stream of Foreign Direct Investments (FDIs), including from China and Korea.

The China investments in Sabah, such as the Kibin Solar New Materials for solar glass manufacturing is a quality investment that provides quality jobs and multiplier effects to the Sabah domestic economy.

POIC Sabah itself has seen a strong upsurge in investments in palm oil downstream processing, investments in green energy from biomass, logistics companies setting up at POIC and increased freight cargo at POIC ports, including collaboration with the China Shandong ports and Korean ports.

This was especially so after the launch of the POIC ports by Sabah Chief Minister Datuk Seri Haji Hajiji Noor, last year, Yong said in a statement on Sunday.

According to him, investors interests at POIC Lahad Datu have also surged when the Sabah Chief Minister announced the Free Zone Initiative on September 5 last year.

As reported in the media, over the last two years of Sabah Maju Jaya plan, foreign investments at Kota Kinabalu Industrial Park (KKIP) and Sipitang Oil and Gas Industrial Park (SOGIP) and in the agro-fisheries industry have also been coming on stream.

In the coming months, it is expected that Sabah-China trade and tourist arrivals will see an upward trend.

The latest reaffirmation of the close ties between Malaysia and China that have been built up over 50 years will enhance mutual confidence among the Sabah business community and China’s investors in Sabah.

Malaysia has secured a record RM170 billion worth of investment commitments from China.

The amount, the biggest so far from China, is from a total of 19 MoUs sealed between businesses in China and Malaysia.

Anwar said this shows investors’ confidence in Malaysia.

Source: The Borneo Post