Sarawak remains top investment destination

Masing hitting the gong to officially open the forum, witnessed by (from right) Yeoh, Wan Azhar, Mohd Rafidz and Dr K Govindan. — Photo by Muhammad Rais Sanusi

Masing hitting the gong to officially open the forum, witnessed by (from right) Yeoh, Wan Azhar, Mohd Rafidz and Dr K Govindan. — Photo by Muhammad Rais Sanusi

KUCHING: Sarawak is focused on building a right physical ecosystem to strengthen and safeguard its position as one of the favourite investment destinations for both domestic and foreign investors.

In stating this, Chief Minister Datuk Patinggi Tan Sri Adenan Satem pointed out that the state was on track to become a very important regional development corridor as it had consistently performed well in attracting investments, both foreign and domestic.

“Sarawak today is a vibrant and developing state with its economy among the most diversified in the country. With various sub-sectors contributing double digit growth Sarawak is a state with great vigour,” he said in his address at the inaugural Development Bank Infrastructure Forum at Pullman Hotel here yesterday.

His text of speech was read out by Deputy Chief Minister Tan Sri Datuk Amar Dr James Masing.

The Chief Minister also said Sarawak has become one of the top investment destinations in Malaysia, attracting total investments of RM11.9 billion in 2015, second after Johor.

“Sarawak is the third largest state in Malaysia by contribution of GDP in 2014 with a GDP of RM102 billion, after Selangor (RM238 billion) and Kuala Lumpur (RM160 billion) and is rich in natural resources such as oil and gas, timber and palm oil, just to name a few,” he said.

“We grow and modernise at a rapid pace in line with the goal laid out in the Economic Transformation Programme (ETP) and the 11th Malaysia Plan,” he added.

Adenan also said besides leading in the oil and gas and energy sector, the state held great potential in other areas that have thus far remained largely underdeveloped such as the tourism, communications, infrastructure and the agriculture sectors.

“Our industrialisation programme is spearheaded by the Sarawak Corridor of Renewable Energy (SCORE) which covers a vast area in central Sarawak and leveraging on the rich source of natural resources and relatively cheaper hydro-power,” he pointed out.

“Estimated to attract over RM300 billion worth of investments by 2030, SCORE will be the engine of our economic growth until 2030,” he added.

by Karen Bong.

Read more @ http://www.theborneopost.com/2016/08/25/sarawak-remains-top-investment-destination/

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