Sarawak gets RM23.17 bln investments despite COVID-19

26 May 2022

Sarawak managed to attract RM23.17 billion worth of investments for 117 projects despite the challenging global situation due to the COVID-19 pandemic in the last two years, its Minister of International Trade, Industries and Investments Datuk Amar Awang Tengah Ali Hasan said today.

Winding up for his ministry in the debate on the motion of thanks to the Yang di-Pertua Negeri’s address for the opening of the State Assembly here, he said RM16.08 billion investments were approved in 2020 and RM7.09 billion the following year and these investments were expected to create more than 11,000 job opportunities.

“Investors have remained confident in Sarawak’s political leadership for managing the state economy well, even during these difficult times. Initial efforts to minimise the disruption to the essential economic sectors have proven to be effective,” he said.

Among the major projects for the investments approved in 2020 were basic metal products for high-grade steel where RM13.8 billion was committed and renewable energy products with an investment value of RM250 million.

Last year, RM4.2 billion was committed to investing in electrical and electronic products, chemical and chemical products (RM1.4 billion), basic metal products (RM938 million), logistics and warehousing services (RM93 million) and non-metallic mineral products (RM86 million).

Awang Tengah, who is also Sarawak’s Deputy Premier, said two new expansion projects worth RM2.1 billion in Sama Jaya Free Industrial Zone were approved this year and the companies commenced construction for manufacturing plants for electric and electrical products.

In addition, 16 projects worth RM75 million were approved, which among others, involved the production of beverage products, logistics and warehousing services, wood and wood-based products and basic metal products.

“These investments are expected to create more than 2,100 employment opportunities in the state,” he added.

Source: Bernama