Sarawak recorded RM17.6 billion in approved investment last year

New Straits Times

2 days ago

KUCHING: Sarawak recorded RM17.6 billion in approved investments across the services, manufacturing, and primary sectors last year, Deputy Premier Datuk Awang Tengah Ali Hasan said today.
He said RM13.5 billion, or 76.6 per cent of the total, came from domestic direct investment (DDI), while foreign direct investment (FDI) contributed RM4.1 billion, or 23.4 per cent.
"The investments, both from DDI and FDI, involved 376 projects and are expected to create over 7,800 jobs," said Awang Tengah, who is also the state International Trade, Industry and Investment Minister, in his winding-up speech in the State Legislative Assembly here today.
He said investments in the services sector accounted for RM7.6 billion, or 43 per cent, closely followed by manufacturing at RM7.5 billion (42.9 per cent), while the primary sector received RM2.5 billion (14.1 per cent).
Despite similar investment values, the manufacturing sector was the largest contributor to employment, generating 6,430 jobs or 81.8 per cent of total jobs created.
"The manufacturing sector recorded key investments in chemical products (urea, melamine, polycrystalline silicon, and biodiesel) worth RM2.9 billion; electrical and electronic (E&E) products at RM1.2 billion; and non-metallic products (clinker, concrete, and cement) at RM800 million," he said.
In the first quarter of this year, the manufacturing sector attracted RM681 million in investments across 24 projects, expected to create more than 900 jobs.
Awang Tengah said 115 manufacturing and related services projects were approved last year, with over 65 per cent already successfully implemented, reflecting strong investment facilitation.
He added that ongoing investments in industrial infrastructure, including industrial parks, logistics, and digital connectivity, would reinforce Sarawak's long-term growth and competitiveness, positioning it as a prime destination for investors seeking stability and strategic market access.
Investor confidence, he noted, remains robust, as reflected in reinvestments totalling RM6.8 billion within the manufacturing sector, primarily in chemical and basic metal industries.
"This underscores strong investor confidence in Sarawak's current business environment and affirms our growing reputation as a competitive and reliable investment destination," he said.
Awang Tengah also said Sarawak's push for renewable energy, especially solar power, has garnered strong investor interest, with leading potential investors from Abu Dhabi, China, and Singapore currently conducting feasibility assessments.
He added that the International Trade, Industry and Investment Ministry is actively streamlining regulatory processes, reducing bureaucracy, and improving policy transparency to enhance business efficiency.
"We are adopting a whole-of-government approach to ensure a unified and strategic advancement of Sarawak's development priorities.
"Concurrently, we are addressing critical gaps in the investment ecosystem, including upgrading key infrastructure and investing in talent development to better align with industry needs.
"These efforts reaffirm our commitment to position Sarawak as a preferred destination for high-quality investments, now and in the years to come," he said.
He added that Sarawak continues to attract investors due to its political stability, rich natural resources, strategic location, and investor-friendly policies.