Sarawak beats others states in FDI

Sarawak beats others states in FDI

15 Dec 2020

Sarawak beats other states in drawing  foreign direct investment (FDI) into Malaysia between January and September this year, potentially raking in RM15.8 billion.

Chief Minister Datuk Patinggi Abang Johari Tun Openg noted this in reference to the report by UOB Financial Research and Markets which recently placed Sarawak ahead of other states in terms of attracting foreign investment during the period.

“We received a lot of foreign investment as we are stable; we live in harmony and respect one another; our politics is stable and we have an inclusive policy; so when all these things are happening, our economy can move forward and everybody will benefit,” he said.

Officiating the ground breaking ceremony for the Orang Ulu Cultural centre construction project here today, he said the positive situation in the state cannot be enjoyed at the federal level at the moment due to parties that are still trying to disrupt the government.

Meanwhile, Abang Johari said the Sarawak government is also in the process of reviewing the possibility of setting up a Sovereign Wealth Fund to ensure that the state’s funds will be managed more professionally.

“I have instructed my officers to review this matter and we have also looked at the Norwegian model. Norway has a sovereign fund from its resources for the country’s future,” he said.

Nevertheless, he said it was premature to reveal the details on the establishment of the fund, “so suffice at this point to say that it is one of the state government’s plans in managing surplus funds”.

According to him, the state government is expecting an increase in revenue following successful negotiations with the national petroleum company, Petronas in the exploration and production of oil and gas in Sarawak, in addition to the proceeds from the imposition of sales tax on petroleum products.

“My hope is for the people in Sarawak to benefit from the long term policy of the Gabungan Parti Sarawak government through the returns derived from it,” he said.

Source: Bernama