Sarawak recorded RM16.69bil worth of investments in the first three quarters of this year despite the sluggish global economy, says Datuk Amar Awang Tengah Ali Hasan.

The Deputy Premier said the manufacturing sector was the largest contributor with 68% of total investments followed by the primary sector (19%) and services (13%).

“These investments are expected to create more than 4,500 employment opportunities,” he said when winding up matters related to the International Trade, Industry and Investment Ministry at the Sarawak Legislative Assembly on Wednesday (Nov 29).

Awang Tengah said the manufacturing sector attracted RM11.37bil worth of investments for 73 projects, mainly in non-metallic mineral products, basic metal products and electrical and electronic products.

He said newly-approved manufacturing investments included RM6.3bil for graphite, RM769mil for chemicals and chemical products and RM62mil for steel pipes.

“As the investment climate remains favourable, domestic and foreign investors continue to place confidence in Sarawak,” he said.

Awang Tengah also said the state had received new investment proposals from foreign and domestic investors.

Among them were RM5bil for components for electric vehicle batteries, RM2.59bil for green metal and RM1.5bil for medical gloves.

In addition, he said Sarawak was promoting the digital and green economy, leveraging on its renewable energy and decarbonisation solutions such as carbon trading and climate mitigation technology.

“We aspire to be a regional leader in innovation and technology-based economy,” he said.

Source: The Star

Sarawak records over RM16bil in first three quarters of 2023, says Deputy Premier

Prime Minister Datuk Seri Anwar Ibrahim tonight called on Muslim countries to boost collaboration among themselves in the fields of business, investment and economics.

He said Muslim countries should free themselves from isolation and seize opportunities to work together, especially if they are neighbours, instead of competing.

“We are fortunate in Malaysia because we have neighbours, like Indonesia, which have taken the position to collaborate and complement one another, and not necessarily compete aggressively,” he said at a gala dinner held in conjunction with the Global Muslim Business Forum here.

He said yesterday that he met Thai Prime Minister Srettha Thavisin at the Thai-Malaysia border to seek more ways to foster a better relationship, as well as investment and trade opportunities, and to facilitate the exchanges, particularly in the poor areas of southern Thailand and northern peninsular Malaysia.

“So, if they really take the initiative, I would like to accelerate the process if we want to benefit and not to lose out in this race,” the prime minister said.

Anwar said the collaboration will be of immense help to both countries.

“Although the Thai prime minister is a Buddhist and I, a Muslim, at least our common cause and commitment is to facilitate and accelerate this process as we have seen the collaboration with Indonesian President Jokowi Widodo,” he said.

Anwar said Malaysia has taken the initiative in Islamic finance, establishing a legacy marked by the founding of Bank Islam Malaysia and Lembaga Tabung Haji.

He said it is interesting to note that when Islamic banking was set up, the support and participation of non-Muslims was commendable.

“It is how you relate and explain instead of being partisan and exclusive. We take it as a national programme and platform and let the people choose between the conventional system and what the Islamic system offers,” he said.

Source: Malay Mail

PM Anwar calls on Muslim countries to collaborate in business, investment and economics

The government stays committed to implementing structural policies in order to grow the economy and improve competitiveness, thereby attracting fund inflows and foreign investments as well as strengthening the ringgit.

Deputy Finance Minister I Datuk Seri Ahmad Maslan said the initiative was part of the government’s efforts to transform the economy guided by the Madani Economy framework.

“Besides the recovery of the global market stability, the implementation of the New Investment Policy to improve the country’s investment climate and productivity as well as the government’s commitment to strengthening fiscal sustainability via the tabling of the Public Finance and Fiscal Responsibility Act are expected to improve investor sentiment and further strengthen the ringgit’s value,” he said at the Dewan Negara today.

Ahmad was responding to a question from Senator Datuk Lim Pay Hen about the Ministry of Finance’s strategy to face the risk of a sharp depreciation in the ringgit’s value that increases the cost of living for the people, especially foodstuffs that depend on imported sources.

He said the government was aware that the ringgit movement would have an impact, especially on the price of imported goods.

“Bank Negara Malaysia’s (BNM) analysis shows that the impact of the ringgit’s movement is quite significant for segments with high import dependency such as food and transport with an estimated seven per cent and five per cent import content in household consumption (respectively),” he said.

Hence, he said the government had taken several steps to help the people deal with the rising cost of living such as price controls and subsidies on essential goods such as food and fuel in addition to the Payung Rahmah initiative to help the affected households.

Ahmad said at the same time, the central bank would continue to manage domestic and external risks to deal with volatility in the foreign exchange market, using its operational policy instruments to ensure orderly market conditions.

“In an uncertain global financial market, the flexible ringgit exchange rate has played a significant role as an external shock absorber, reducing the impact on domestic economic activities.

“The return of market stability globally, the improvement of investor sentiment and the surplus of foreign exchange receipts influenced by Malaysia’s core economic activities are expected to be able to strengthen the ringgit’s value,” he said.

On the ringgit’s exchange rate at the level of RM4.67 against US$1 this morning, he said four factors might have contributed to the position, namely the United States (US) Federal Funds Rate (FFR), the Malaysian Government Securities (MGS), the uncertainty of economic performance and the Israeli-Palestinian conflict.

“The current FFR stands at 5.5 per cent amid the US Federal Reserve efforts to stem inflation.

He said during the Covid-19 pandemic, Malaysia’s overnight policy rate (OPR) was lowered to 1.75 per cent to expand the economy but post-pandemic, the rate has been raised to three per cent.

“There are many times in the past that our OPR was higher than the FFR. FFR even reached 0.25 per cent but now they changed their strategy to high FFR,” he said.

As for the comparison between MGS and the US Treasury notes and bonds, he said the rate of returns for the US Treasury was less against MGS previously but the US Treasury yield is now higher at 4.39 per cent versus MGS at 3.87 per cent.

Therefore, he said more foreign funds were invested outside Malaysia in the form of bonds and this further affected the ringgit’s value.

Nonetheless, Ahmad said the government would take advantage of the ringgit’s value, among others, to increase exports, reduce the use of imported goods and use more local goods.

He said the government also hoped that more tourists would visit Malaysia and use the ringgit, thus boosting the ringgit’s value.

“Another important step is the de-dollarisation in bilateral trade with countries using the local currencies such as Indonesia and Thailand.

“We have also implemented 25 per cent of our trade settlement with China using ringgit and renminbi,” he added.

Source: Bernama

Govt to implement policies to attract foreign investment, strengthen ringgit — Minister

Prime Minister Datuk Seri Anwar Ibrahim today met Indonesia’s Vice President Professor Dr K. H. Ma’ruf Amin to discuss matters of mutual interest pertaining to investment, trade and the Indonesian workforce.

Anwar in a Facebook post said that he had met Ma’ruf following his arrival in Kuching this afternoon.

“As soon as I touched down in Kuching, Sarawak, I proceeded to receive a visit from a special guest, Professor Dr K. H. Ma’ruf Amin.

“This meeting is an opportunity for us to strengthen the determination and consensus between two similar countries and to discuss various matters of mutual interest between investment, trade and the Indonesian workforce.”

Anwar also said that they were on the same page on the issues and were committed to ensure issues involving both countries be resolved as soon as possible.

He said the meeting also touched on the Palestinian issue, with Ma’ruf informing him about the Indonesian Hospital in Gaza, which had to be evacuated after being bombarded by the Israeli Zionist regime.

“I also informed him that I had given a firm statement regarding the Palestine issue with President Jokowi in front of US President Joe Biden while attending the APEC 2023 conference in San Francisco.”

Anwar also added that in the meeting, Ma’ruf praised the Madani government which was now becoming stronger and more stable while hoping that Malaysia and Indonesia could move together into the future.

Source: NST

PM meets Indonesian VP Ma’ruf Amin to discuss investment, trade and workforce

Malaysia’s decision to offer a 30-day visa-free entry to nationals from China and India from Dec 1, signifies the government’s commitment to strengthen bilateral ties with the two countries.

Industry players said the initiative, announced by Prime Minister Datuk Seri Anwar Ibrahim on Sunday (Nov 26), affirms the country’s openness to doing business and in attracting foreign investments, besides that it will further deepen the people-to-people ties through travel and tourism activities. 

On a similar development, China, last Friday (Nov 24) announced that it is granting Malaysian citizens a 15-day visa-free entry into the country, beginning Dec 1, to “help promote people-to-people exchanges, and serve high-quality development and high-level opening-up”.

President of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) Senator Tan Sri Low Kian Chuan said the initiative is timely, as Malaysia and China are celebrating their 50th anniversary of diplomatic relations next year. 

Low said ACCCIM, which has over 110,000 members, lauded these important initiatives by the two governments, as it would help to further facilitate business exchanges between Malaysian and Chinese business people.

“This is a great boost to the business people in Malaysia and China. ACCCIM have very close business relations with our partners in China.

“We travel frequently to China and likewise, Chinese businessmen travel to Malaysia. This policy will certainly help heighten business and trade deals, while saving time and cost on visa application,” he told Bernama.

Low said the visa-free entry to Malaysia is also an advantage for ACCCIM, which will host the 17th World Chinese Entrepreneurs Convention here next year.

China Entreprenuers Association in Malaysia (PUCM) president Datuk Keith Li said Malaysia was the only country in the region to be selected for the Chinese government’s visa-free policy, and that this showed the strong ties both countries enjoy. 

“We have waited for this a long time. It is great news indeed for people of both sides,” he said.

He pointed out that during Anwar’s official visit to Beijing early this year, Malaysia received the highest investment commitment of RM170 billion from Chinese investors, following the signing of 19 memoranda of understanding between Malaysian and Chinese companies. 

He was confident that the visa-free entry for Chinese citizens into Malaysia will bolster Malaysia’s position as a preferred destination for Chinese investors and travellers. 

Li said he has been receiving many messages from family and friends in China since Monday (Nov 27) to confirm the news. 

“They were excited about this development. This news about visa-free entry to Malaysia is now the top five most trending topics on Weibo. Many of my friends said they will take the opportunity to travel here,” he said.

Founder chairman of the Consortium of Indian Industries in Malaysia (CIIM), an association of chief executive officers (CEOs) of Indian companies, Datuk Umang Sharma, in welcoming the decision, emphasised that this move would not only benefit tourism but also facilitate business travel on short notice. 

Umang highlighted the potential for a mutually beneficial scenario for both countries, suggesting that an increase in the frequency of flights between major cities would further enhance the positive impact of this initiative.

“Additionally, Malaysia’s Tourism Board should promptly launch campaigns, incentives and attractions to attract Indian tourists to Malaysia,” he told Bernama. 

Umang further suggested that Malaysian hotels and the Meetings, Incentives, Conferences, and Exhibitions (Mice) industry could create attractive packages for Indians, promoting them aggressively in India to capitalise on this initiative.  

In making the annoucement, Anwar, who is also finance minister, clarified that the visa exemption is contingent upon security screenings.

He said it was an additional facility to the existing visa exemptions currently enjoyed by citizens from Gulf countries and other West Asian nations, including Türkiye and Jordan.

The 30-day visa-free entry is also currently enjoyed by eight Asean countries for the purpose of social visits, tourism and business.

China’s Foreign Ministry announced last Friday that the country is giving a 15-day visa free entry for Malaysian nationals beginning Dec 1 this year until Nov 30, 2024. 

Besides Malaysia, five other European countries, namely France, Germany, Italy, the Netherlands and Spain, will also enjoy the waiver during the same period, according to Xinhua. 

During the period, holders of ordinary passports may enter China visa-free for business, tourism, visiting relatives and friends, and transit for no more than 15 days.

Those who don’t meet the visa exemption requirements, however, still need to obtain a visa before entering China, the ministry said in the statement.

Source: Bernama

Industry players: Malaysia enhances ties, invites investments with visa-free entry for Chinese and Indian citizens

Malaysia’s sustainable development needs a “whole-of-government” and “whole-of-nation” approach to thrive, Deputy Investment, Trade and Industry Minister Liew Chin Tong said. 

He noted that the nation also needs clearly defined and concrete targets across sectors, including manufacturing, energy, transport and infrastructure. 

“We see this as an opportunity for us to grow dynamically and exponentially. Green transition is not a burden but is an opportunity,” he said at the Malaysian Investment Development Authority’s (Mida) inaugural forum “Accelerating Malaysia’s Industry Commitment Towards Sustainability Goals” here on Tuesday. 

Therefore, the government is committed to realise the six goals as outlined under the New Industrial Master Plan 2030 (NIMP 2030), which are aligned with the national investment inspirations.

The NIMP goals are to increase economic complexity, create high-value job opportunities, extend domestic linkages, develop new and existing clusters, improve inclusivity, and enhance environmental, social and governance (ESG) practices. 

The NIMP 2030 also sets out 12 outcome-based targets to measure Malaysia’s manufacturing industry and economic transformation; two of them being derisking the economy against ESG factors and its drive toward net zero goals. 

He believes that the set indicators would be able to shape the future of Malaysia as a sustainable economy. 

Meanwhile, Mida chairman Tan Sri Dr Sulaiman Mahbob highlighted that the agency has been continuously engaging with the private and public sectors to make Malaysia’s green plan a reality.

He said Mida has also successfully established its sustainability division on Aug 1, 2023. 

“In this evolving landscape, sustainable practices are no longer optional. Malaysia must catch and ride the green wave.

“It’s a global commitment that no individual or country can afford to overlook,” he noted. 

The forum is organised in partnership with the National Sustainable Development Goals (SDG) Centre and United Nations Global Compact Malaysia and Brunei, to ignite a sustainability revolution, particularly among small and medium-sized enterprises and mid-tier companies, by promoting the adoption of technology and embracing ESG practices.

Mida also shared its role as the national economic frontliner in pursuing investment promotion in sustainable investment projects, such as e-mobility, renewable energy and circular bio-economy, at the forum. 

Source: Bernama

Malaysia’s sustainable journey needs ‘whole-of-nation’ approach to thrive

Strategic initiative aims to facilitate movement of citizens between two nations, says China embassy

The Chinese Embassy in Malaysia anticipates the implementation of a visa-free policy will be pivotal in encouraging movement of citizens, nurturing enhanced bilateral practical cooperation, and ultimately fortifying the overall relationship between China and Malaysia.

A Chinese embassy spokesman was commenting on the government’s recent initiative, which is set to roll out 30-day visa-free entry for citizens of China and India starting on Dec 1.

“In a noteworthy diplomatic development, China and Malaysia have collaboratively enacted a visa-free policy, allowing individuals with ordinary passports from their respective countries to enter each other’s nations without the need for a visa.

“This strategic measure, endorsed by the government, aims to enhance the facilitation of (people movement) and signifies a pivotal development in the high-level relationship between the two nations,” he said.

Prime Minister Datuk Seri Anwar Ibrahim made the announcement during his concluding speech at the Parti Keadilan Rakyat annual national congress at the Putrajaya International Convention Centre on Sunday, which drew 1,391 delegates and 1,269 observers.

He said this diplomatic initiative emphasises the commitment of both nations to deepen the relationship and facilitate seamless interactions, marking a milestone in diplomatic history.

Anwar, who is also the finance minister, said this new facility is an additional benefit to the existing visa exemptions already enjoyed by citizens from Gulf countries and other West Asian nations, including Turkiye and Jordan.

He said the visa exemption is contingent upon rigorous security screenings.

“All tourists and visitors to Malaysia will undergo preliminary screenings. Security concerns constitute a distinct aspect; entry will be denied to individuals with criminal records or potential terrorism risks. The responsibility for making these decisions rests with the security forces and immigration authorities,” he said.

Source: The Sun Daily

Visa-free move boost to bilateral ties

Malaysia remains a preferred destination for global investors despite its differing stance on Palestine-Israel compared to investors’ home countries, said the Ministry of Investment, Trade and Industry (Miti).  

Its Deputy Minister Liew Chin Tong said Malaysia’s strategic geographical position in Southeast Asia, between India and China, allows investors to take advantage of wide market access and a strong investment ecosystem, as well as enjoy the availability of a conducive business environment.

“In terms of the country’s stance, Malaysia does not have any diplomatic relations with Israel, nor direct economic or trade relations. In terms of foreign direct investment (FDI), there is no investment from Israel or Palestine in Malaysia.

“Typically, a company’s investment decision is determined by their management group or board of directors, according to the business plan (business model), as well as the economic and political risk analysis carried out by the company,” he said during a question and answer session in Dewan Negara on Monday.

Liew was responding to Senator Abun Sui Anyit, who wanted to know Miti’s actions, so that the investment agreement made to the government is not affected by the war in the Middle East.

The deputy minister said that currently, post-pandemic and in an environment of global political tensions, companies, especially multinational companies (MNCs), are more inclined to diversify and reduce supply chain risks.

Accordingly, he said Malaysia should take this opportunity to become an important player in the regional and global supply chain.

Liew said the government will continue to mobilise efforts to formulate policies and launch strategies that can strengthen the country’s investment ecosystem, in the face of a dynamic and sensitive economic landscape with global geopolitical turmoil.

“The government always places a high priority on ensuring that proposed investment commitments can be approved and implemented immediately, to accelerate the economic spillover effects to the people and the country,” he said.

Source: Bernama

MITI: Malaysia remains preferred destination for global investors

Malaysia needs to take note of South Korea’s resilient supply chain and find ways to collaborate and develop its own vertical integration alongside the country.

Deputy Investment, Trade and Industry Minister, Liew Chin Tong, said this is because a resilient supply chain is the most important factor for industries and the nation.

“I am told that South Korea maps the supply chains of almost 200 items in the most meticulous manner, in order to secure its supply chain,” he said in his closing remarks at the Look East Policy Malaysia-Korea Business Summit today.

“With the ambitious New Industrial Master Plan 2030 launched by Prime Minister Datuk Seri Anwar Ibrahim, Malaysia wants to re-industrialise and it is in this context that South Korea remains the best role model,” Liew said.

He also believed that businesses in both countries, and not just the governments and the academia, should put more effort and resources into promoting a deeper mutual understanding between both countries.

“The relationship between our two nations will benefit so much more if we collectively groom young people to spend time in each other’s country to learn and to appreciate the people in these societies,” he said.

He noted that the Look East Policy is a very creative Malaysian foreign policy innovation.

“Given that South Korea and Japan are now in rapprochement, it is time for the governments of South Korea, Japan and Malaysia to use the platform of the Look East Policy to create trilateral cooperation among the three nations.

“This is crucial (in order) to continue the legacy of the Look East Policy in a changing world,” he added.

South Korean Ambassador to Malaysia, Yeo Seung Bae, said about 420 Korean companies are operating in Malaysia to date, including industry leaders like Samsung, Lotte, and Hanhwa, and they contribute significantly to Malaysia’s economic development.

“It is imperative that our countries communicate and cooperate more closely to yield new fruits of the Look East Policy,” he added. 

Source: Bernama

MITI: Collaborate, develop vertical integration with South Korea’s supply chain

Malaysia is committed to work with Monaco in fostering a robust partnership towards a sustainable economic growth for both Malaysia and the principality.

Investment, Trade and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz, said it is important for Malaysia and Monaco to continue to engage each other at all levels, particularly in expanding business prospects.

At the same time, they also need to “mitigate the global geopolitical dynamics and tap into the good bilateral ties nurtured under the dynamic leadership of both countries,” he said in his speech at the 2023 Monaco Economic Forum held here today (November 27).

He also reaffirmed Malaysia’s stance as a pro-business, pro-investor and pro-trade nation.

“We emphasise on greater certainty, accountability, efficiency and transparency in our policies and service delivery,” he added.

The forum was organised by the Consulate of the Principality of Monaco Kuala Lumpur in conjunction with His Serene Highness Prince Albert II’s first state visit to Malaysia from November 26 to 29.

The visit underscores the importance of this diplomatic step and is an indication of the optimism for the further growth of the two countries’ relationship.

Meanwhile, at the same event, Yacht Club de Monaco and the Royal Selangor Yacht Club solidified their bonds of friendship and collaboration by signing a memorandum of understanding with a view to the Royal Selangor Yacht Club obtaining the La Belle Classe Destinations certification.

Prince Albert II is Yacht Club de Monaco’s president while the Royal Selangor Yacht Club is under the Royal Patronage of His Royal Highness the Sultan of Selangor.

Source: Bernama

Malaysia, Monaco to strengthen sustainable economic growth

Kedah has recorded RM14.6 billion approved investment in the first half of 2023, placing the state as the third highest investment destination in the country after Kuala Lumpur and Selangor.

Menteri Besar Datuk Seri Muhammad Sanusi Md Nor said that RM11.88 billion of the total approved investments in manufacturing, services, and primary industries were foreign direct investments (FDI), with the remaining RM2.69 billion being domestic investments.

“This achievement is an indicator that Kedah Kedah is a competitive state for national and global investments.

“The highest foreign investment is from Japan valued at RM7.38 billion, followed by China with RM4.16 billion, Singapore RM149.5 million, Hong Kong RM104 million and the Netherlands with RM61.28 million.

“All the approved investments will help create 3,500 jobs for the people in the state, comprising various sectors namely electrical and electronic, petrochemical, mechanical and so on,” he told the state legislative assembly while tabling the 2024 state budget in Wisma Darul Aman today.

The Perikatan Nasional Jeneri assemblyman said Kedah had surpassed its annual target of securing a minimum RM10 billion investments annually, for three consecutive years since 2021.

Sanusi added that Kulim Hi-Tech Park (KHTP) retains its status as the state’s investment magnet with a total accumulated investment of RM134.1 billion by 43 industries investment.

“In response to high demand from investors, the state government through Kulim Technology Park Corporation Sdn Bhd (KTPC) has initiated KHTP Phase 4A Expansion plan with land size of 101 hectares, which is expected to be ready by September 2025.

Sanusi said in order to cater demand for the high impact investments and domestic consumption, the state government was rolling out a comprehensive water supply development.

He said for 2024, the state government would continue with the upgrading projects for three Water Treatment Plants (WTP) namely in Pelubang, Jenun Baru and Buntar Lama which are expected to be completed between 2024 and 2026.

“Besides that, mitigation will continue for projects that are a bit behind schedule namely Bukit Selambau WTP and Sungai Limau WTP, in order to expedite their completion.

“The state government has also obtained the Finance Ministry’s approval for the funding of the mainland to Langkawi submerged water piping’s repair works, which is causing a leakage of 20MLD. The project is expected to commence by the third quarter of 2024.

“As for the project to improve the Padang Matsirat water pumping in Langkawi, the project is in the final phase and expected to be completed by next month.

“All the RM263.58 million expenses for the projects are being funded by the Kedah State Water Supply Fund Development Group,” he said.

Sanusi said in order to reduce water supply disruptions, the state government has embarked on a RM967.4 million Non-Revenue Water (NRW) Reduction Programme.

He said the project to replace old and dilapidated pipes to be carried out in a span of 15 years with a target to reduce NRW percentage by one per cent annually.

Sanusi also informed the House that in order to cater demand from the industries, the state government, via state-owned Syarikat Air Darul Aman (Sada) would begin the construction of Sidam Kiri Phase 1 WTP with a capacity of 200MLD and Sungai Karangan WTP with a capacity of 150MLD.

He said both projects had been approved by the National Water Services Commission (SPAN) and to be fully funded by a loan by Sada from the Water Asset Management Bhd (PAAB).

According to Sanusi, the initial works for the projects have started with the construction works expected to commence by 2028.

Source: NST

Kedah records RM14.6bil approved investment, ranks 3rd highest in Malaysia

The rapid growth of the industrial sector in Sabah has attracted new investments.

This is proven when Sabah is listed as the fifth-highest state in drawing foreign and domestic investments, totaling RM9 billion in key sectors, manufacturing and services as of mid 2023, said Finance Minister, Datuk Seri Panglima Masidi Manjun.

“Therefore, the State Government has allocated a total of RM124.06 million for operation and development expenditure to further boost the development of this sector,” he said.

He also highlighted the progress of foreign investment in Sabah, which has added value and stimulated the growth of industrial sector in the State.

He said SK Nexilis Malaysia Sdn Bhd from South Korea and Kibing Group from China have brought a total of RM6.76 billion investment into Sabah.

“As of October 2023, the construction progress of SK Nexilis’ copper foil plant in Kota Kinabalu Industrial Park (KKIP) has reached 96.8 per cent which involves 2,295 Sabahans which is 56 per cent of workers working in factory construction while 275 Sabahans, equivalent to 91 per cent of workers involve in factory operation,” he said.

He said currently, this factory has produced and exported its first batch of 102 tonnes of copper foils to the United States on 23 October 2023.

Furthermore, SK Nexilis, through its subsidiary, has increased its investments in Sabah for the copper granulation plant at KKIP, with an estimated investment value of RM300 million, he said.

“This investment is expected to create 70 job opportunities,” he said.

As for the construction progress on the solar panel manufacturing plant by Kibing Group in KKIP, it has reached 72 per cent and is expected to be fully completed in the first quarter of 2024, he added.

“Moreover, its silica sand processing plant in Sikuati, Kudat has achieved 85 per cent and is expected to be fully completed by end of this year.

“Currently, the number of Sabahans working at the solar panel manufacturing factory in KKIP is 1,100, while 164 are working at the silica sand processing plant in Sikuati, Kudat,” he said.

Masidi also said the State Government’s persistent efforts to attract investment to Sabah have shown results.

“A new foreign investor led by Singapore-based company, Esteel Enterprise Sabah Sdn Bhd (ESTEEL Sabah) has invested in green steel project at Sipitang Oil and Gas Industrial Park (SOGIP). The value of the investment reached RM19.8 billion through three phases and is expected to create a total of 10,000 job opportunities for Sabahans,” he said.

Meanwhile, for domestic investment, this year, Borneo Cement (Sabah) Sdn Bhd will lead the development of an integrated clinker and cement plant in the Tongod district with an estimated investment of RM2 billion, to be carried out in two investment phases.

“This investment will create 1,000 job opportunities as well as enhancing the status of Tongod District as a viable district,” he said.

At the same time, the State Government has allocated a total of RM38 million to Sabah Economic Development Corporation (SEDCO), KKIP Sdn Bhd, POIC Sabah Sdn Bhd and Sabah Oil and Gas Development Corporation (SOGDC) to facilitate implementation of selected investments and projects.

Of that amount, a total of RM28.79 milion is allocated for the implementation of infrastructure development projects in KKIP, SOGIP and Palm Oil Industrial Cluster (POIC) Lahad Datu to ensure these industrial parks are more conducive to attract investment to Sabah, he said.

“Besides supporting the initiative to attract foreign and domestic investments to Sabah, this Budget also supports to increase the capacity of micro-entrepreneurs and local businesses, enabling them to be competitive to improve the people’s standard of living through State programmes,” he said.

As for the Small and Medium Industries (SME) and Entrepreneurship, Masidi said SME development is the main catalyst for the manufacturing industry.

“Various entrepreneurial programmes are implemented to spur the development of SME through capacity building, resilience and competitiveness of Sabah SME entrepreneurs,” he said.

He added the collaboration between the State Government with Bataras Hypermarket and Kedai Mesra Petronas will be continued and intensified to market Sabah SME products.

“This effort can provide opportunities for SME entrepreneurs to increase their sales. We must realise that numerous local products have the potential to enter the global market if provided with opportunities and further exploration,” he explained.

In regards to that, he said the State Government will continue to send participants among local entrepreneurs to take part in international expos, such as Gulfood Dubai in United Arab Emirates and World’s Food Expo (WOFEX) in Manila, Philippines.

“The participation of our entrepreneurs in these expos will offer exposure and experience, allowing them to learn effective product marketing and ultimately enter the global market,” he said.

Masidi also said that human capital development is a significant driver for the State’s economic growth.

“The importance of highly skilled available workforce is to support the economic sector towards knowledge, technology and innovation based activities. Therefore, in order to realise these aspirations, 2024 Budget focuses on producing more highly skilled entrepreneurs through the implementation of various programmes such as Sabah Entrepreneur Enhancement Programme and PROTUNe,” he said.

Furthermore, he said the State Government, through the Department of Industrial Development and Research, will continue SME-UP Assistance Programme with an allocation of RM15 million.

“As of now, SME-UP Assistance Programme has successfully created more than five thousand Sabah SME entrepreneurs,” he said.

At the same time, programmes on enhancing the knowledge and skills of targeted groups and youths are also implemented through Human Capital Development Programme and Ko-Nelayan Entrepreneur Development Programme, with an allocation of RM6.99 million in year 2024.

“These programmes will benefit over 100 people, among artisanal fishermen, smallscale fisheries and aquaculture entrepreneurs. Assistance schemes are also provided to help this group to expand their business scale and enhance their productivity, output as well as income,” he said.

He also said the State Government, through the Sabah Ministry of Rural Development, also encourages rural entrepreneurs to manufacture local products such as gong makings, cornhusk flower, beadworks, as well as local food products.

“For this purpose, a total of RM2.41 million is allocated under the One District One Product Programme, Rural Entrepreneur Development as well as Rural Industry Programme,” he said.

Masidi also said shophouses development project will benefit local traders and entrepreneurs, thereby boosting the growth of the SME industry.

“Therefore, an allocation of RM8.9 million is provided for the construction and upgrading of shoplots and hotel on Bum-Bum Island in Semporna, shoplots in Kalabakan, Matunggong, Weston, as well as in Kampung Padas Damit, Beaufort,” he said.

In addition, the State Government will build four SME Product Centers or IKS Mart in Sandakan, Keningau, Kalabakan and Luyang following the success of IKS Mart in Beaufort, Tuaran, Kota Marudu, Ranau and Oceanus Mall Kota Kinabalu.

“This initiative will contribute to the development of the SME sector by providing a platform for local entrepreneurs to collect, promote and sell local products from various districts to boost sales and exports to neighboring countries,” he said.

In addition, to support the development of SME in Sabah, the State Government through Sabah Credit Corporation is considering a micro credit programme to support small rural entrepreneurs and businesses with a reasonable interest rate loan, he said.

“This programme is expected to benefit a total of 160 new entrepreneurs and existing small businesses.”

Source: Borneo Post

Sabah’s fast growing industrial sector attracts new investments

Sarawak will continue to strengthen its integrity system to boost investors’ confidence in the state, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

He said the investors want assurance that their investments in the state are being managed well.

“If we have an efficient and sustainable integrity system, investors will have our trust and place their substantial investment with us,” he said when officiating at the Sarawak Economic Development Corporation (SEDC) Integrity Day at a hotel here today.

Abang Johari reasoned that integrity is the key to sustainable economic development which in turn would generate not only income but also contribute to creation of jobs and strong fiscal economy, thereby providing prosperity to Sarawak.

He also reminded that Sarawak is the first state in Malaysia to enact the ombudsman law that would be impactful on the state government leadership.

The law would contribute to instilling integrity culture in the state administration.

This means, there would always be a legal framework that is enforceable in state administration, he said.

However, he added, the ombudsman law is limited to state civil servants and would ensure that the state government is transparent and has good governance.

Abang Johari said even though the ombudsman law does not encompass state ministers and deputy ministers, they would also be prosecuted under other laws when there is sufficient evidence against them.

“What is important now is to have a clean government full of integrity,” he added.

Meanwhile, SEDC Chairman Tan Sri Datuk Amar Abdul Aziz Husain said this year SEDC has been shortlisted as Top 5 agency for the Anugerah Integriti, Governans dan Antirasuah (AIGA) 2023 award at the national level.

“It shows our serious effort together to ensure our governance and compliance are at the highest level,” he said.

Integrity, he said, is not just about avoiding corruption, embezzlement, or fraud as it is also about fostering a culture of accountability, where personnel take responsibility for their actions, decisions, and their consequences.

“It’s about treating each other, our stakeholders, and our environment with respect and dignity. It’s about ensuring that our processes are fair and that opportunities are open to all without discrimination,” said Aziz.

“In our quest for economic development, we cannot compromise our integrity. We must remember that every unethical decision we make has a ripple effect that can harm not only the organisation but also the communities we serve.

“The success we achieve through dishonesty or shortcuts is fleeting and ultimately damaging,” he said.

SEDC is unwavering in its commitment to integrity, he added.

“We have put in place strong governance mechanisms, policies, and training programs to ensure that all our staff understands the importance of this value.

“We will continue to emphasize ethical behaviour and hold ourselves accountable for any lapses,” he said.

Also present at the function was Deputy Minister in the Sarawak Premier’s Department (Integrity and Ombudsman) Datuk Dr Juanda Jaya.

Source: Borneo Post

Premier: S’wak to continue strengthening its integrity system to boost investors’ confidence

Govt agency sets up satellite office at varsity in Johor to strengthen workforce

THE state government believes the setting-up of the Johor-Singapore Special Economic Zone (SEZ) will further increase the need for local talents, especially in five main sectors.

Johor youth, sports, entrepreneur development, cooperatives and human resources committee chairman Mohd Hairi Mad Shah said sectors such as electrical and electronics, pharmaceutical, health, oil and gas as well as data centres were the top five in the state.

Having already attracted RM70.6bil in foreign direct investments last year, which was the highest in Malaysia in the past decade, he said the state expected to see about 12,000 jobs being created as a result of the investments.

“I believe the SEZ and the state government’s Digital Johor Masterplan 2030 will further increase the need for more local talents,” he said in his speech read out by his representative Johor Human Capital Strategic Unit general manager Tazrina Ahmad during the launch of the satellite office at Universiti Teknologi Malaysia (UTM).

Mohd Hairi said it was timely for Talent Corporation Malaysia Bhd (TalentCorp) to choose Johor as its base for a satellite office, which would benefit the state in terms of strengthening the workforce.

Other industries that the state government wanted to focus on were life sciences and health technology, engineering and advanced manufacturing, digital economy, green economy, halal industry, automotive (electric vehicles), aerospace as well as ports and logistics, he added.

During the 10th Singapore-Malaysia Leaders’ Retreat on Oct 30, Prime Minister Datuk Seri Anwar Ibrahim and Singapore prime minister Lee Hsien Loong agreed to jointly develop the SEZ.

Both countries will be inking a memorandum of understanding on the parameters of the SEZ by Jan 11 next year.

Meanwhile, TalentCorp Group chief executive officer Thomas Mathew said the satellite office, located at UTM’s Career Centre, symbolised a significant milestone for the corporation and its commitment to nurturing talent development in Johor.

He cited Johor’s potential as a major contributor to the country’s gross domestic product as a key reason for the agency’s focus to bolster its talent development efforts.

“TalentCorp has also cooperated with the state government to look into the data analysis available to fulfil the industry’s needs.

“We have stationed our officials in several states including Johor and Penang and we were pleased to be invited by UTM to set up a satellite office to focus on strengthening the workforce and look into the future needs of industries,” he said.

Mathew said that so far this year, TalentCorp had hosted two industry-academia collaboration workshops in Johor.

It had also introduced its first state-level critical occupations list and launched the Mynext Graduate Employability Grant, where UTM was the first recipient of the fund to host activities for their students.

Source: The Star

Demand for local talents expected to grow