Latest news with #PhoongJinZhe
Borneo Post
19 hours ago
- Business
- Borneo Post
MyCIF reaches out to MSMEs and entrepreneurs in Sabah
In a walk-about tour of 16 exhibition booths, Phoong engaged with SC-registered ECF and P2P platform operators and heard first-hand success stories from companies funded through MyCIF. KOTA KINABALU (July 31): Malaysia Co-Investment Fund (MyCIF) today reached out to micro, small and medium enterprises (MSMEs) in Sabah, for opportunities in funding business expansion and their working capital needs through equity crowdfunding (ECF) and peer-to-peer (P2P) financing. Sabah Minister of Industrial Development and Entrepreneurship Datuk Phoong Jin Zhe officiated the one-day roadshow themed 'Empowering Financing, Advancing Growth' in Kota Kinabalu. Around 300 representatives from business associations, government agencies, venture capital, private equity and MSMEs attended the event. Organised by the Securities Commission Malaysia (SC), the event was supported by Invest Sabah Bhd, a key development partner with deep local networks and strong links to state and federal MSME initiatives. It featured networking sessions, breakout discussions, and exhibitor booths where participants engaged with SC-registered ECF and P2P platform operators and heard first-hand success stories from companies funded through MyCIF. MyCIF, Malaysia's first public-private co-investment model, was set up by the Ministry of Finance under the 2019 Federal Budget. Administered by the SC, MyCIF has since co-invested in over 70,000 campaigns, benefiting more than 9,500 MSMEs nationwide. In 2024, the fund exceeded RM1 billion in total co-investments. It employs a 1:4 co-investment ratio under its General Scheme and a 1:2 ratio for targeted initiatives such as the Food Security and Environmental & Social Impact Schemes. SC Chairman Dato' Mohammad Faiz Azmi said that MyCIF has been a game-changer for MSME growth, providing much-needed capital that is often a challenge to access through traditional channels. 'The Sabah roadshow is integral to MyCIF's national outreach, designed to expand awareness of alternative financing among businesses across Malaysia,' he said. 'It provides entrepreneurs a direct insight into how ECF, P2P and MyCIF can fuel their growth at every stage. 'The government, through MyCIF, continues to support MSMEs as key engines of growth, innovation and job creation. This is evident in the RM40 million allocation under Budget 2025 to further expand access to ECF and P2P financing nationwide,' he said. Invest Sabah Chief Executive Officer Dr Firdausi Suffian welcomed the collaboration with the SC. 'Partnering with the SC in this event has enabled Invest Sabah to amplify its efforts in empowering local entrepreneurs. This roadshow is a vital platform for MSMEs in Sabah to gain insights and forge connections that can help propel their businesses forward,' he said. As of 2024, total funds raised through MyCIF co-investments alongside private investments have surpassed RM6 billion, enabling businesses to access funding via ECF and P2P financing platforms. MyCIF has attracted 4.1 times private investments for every ringgit co-invested, demonstrating a strong crowding-in effect. Over the past six years, MyCIF has played a pivotal role in improving access to alternative financing, fostering the growth of over 9,500 MSMEs in the local entrepreneurial ecosystem. This reflects the continued confidence and growing interest from both investors and MSMEs in alternative financing avenues. For more information on MyCIF, visit
Borneo Post
2 days ago
- Business
- Borneo Post
Sabah launches seaweed plant, eyes global biotech market
Phoong (fourth from right) and guests cutting a ribbon at the soft launch ceremony of Seadling. KOTA KINABALU (July 30): Industrial Development and Entrepreneurship Mon Datuk Phoong Jin Zhe on Tuesday officiated the soft launch ceremony of Seadling, a pioneering seaweed processing company based in Sabah. The event took place at the Kota Kinabalu Industrial Park (KKIP), marking a significant milestone in the state's industrial development and its growing appeal as a hub for innovation and investment. In his official remarks at the event, Phoong expressed his excitement about Seadling's innovative approach to leveraging Sabah's natural resources. 'Today's soft launch of Seadling marks a proud moment for Sabah as we continue to expand our industrial capabilities. Seadling's vision for transforming tropical seaweed into high-performance functional ingredients is not only innovative but represents a key opportunity for Sabah to lead in the global seaweed biotechnology industry,' said Phoong. He further emphasized the state's commitment to fostering growth in industries that capitalize on Sabah's raw materials. 'Seadling's establishment here is a perfect example of how we are turning our raw materials into value-added products,' he said. Seadling, with its proprietary fermentation technology, is focused on creating products like fermented seaweed liquid and powder, which are already being exported to countries such as the USA, Singapore, and India. The company is also planning to expand into European and Chinese markets, demonstrating the global potential of Sabah's natural resources. Simon Davis, Managing Director of Seadling, highlighted Sabah's vast potential in seaweed farming, emphasizing that while the region boasts some of the world's highest quality seaweed, much of it is still exported in raw form and processed elsewhere into low-value products like carrageenan jelly. He stressed that Seadling is committed to transforming the local industry by introducing innovative solutions across the value chain, including seaweed hatcheries and advanced processing techniques to create high-value products that benefit farmers and the wider community. According to Davis, this collaborative effort with local farmers and international partners marks the beginning of a sustainable and inclusive seaweed industry poised to put Sabah on the global map. The launch was attended by a number of international investors from the United States, Singapore and Japan, all of whom expressed strong interest in Sabah's seaweed industry. Seadling's innovative work in seaweed biotechnology has positioned the company as a significant player in a rapidly growing industry, contributing not only to job creation in Sabah but also advancing research and development in the state. Phoong emphasized the importance of innovation and sustainability in Sabah's industrial growth, assuring that his ministry is dedicated to making Sabah an attractive hub for local and international downstream investments.
New Straits Times
10-07-2025
- Business
- New Straits Times
Sabah microalgae MoU marks significant step towards green economy
KOTA KINABALU: Sabah is taking a step towards a green economy by growing microalgae to produce biofuel, bioplastics and other sustainable products. Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe said the initiative could help create new industries, attract investment and generate high-skilled jobs in the state. "Microalgae has strong economic potential. It can support the biomass industry and be used to produce green energy, which fits well with Sabah's focus on sustainability," he said after witnessing a memorandum of understanding (MoU) signing ceremony between Sabah Agro-Industrial Precinct (SAIP) Sdn Bhd and CCE Power Holdings Sdn Bhd here today. SAIP was represented by its board director Datuk Dr Mohd Yaakub Johari, who is also University College Sabah Foundation (UCSF) chairman, whereas CCE Power founder and chief executive officer Tham Weng Kong signed on behalf of the company, which is based in Negri Sembilan and working with partner companies from Japan. The MOU signified the beginning of a powerful collaboration to produce microalgae biomass as feedstock for the largest biomass power plant in the world. Phoong, who is also SAIP's chairman, said his company was established 17 years ago to drive innovation. He said Sabah could potentially be positioned as one of the most prominent algae industry hubs in the country. He said Sabah must be ambitious in pursuing innovative solutions and actively seek new ideas to address the state's current challenges. "We must use innovation, use technology to leapfrog Sabah's development, and bring in new technology and high-skilled manufacturing activities so that our young people can find skilled jobs, and technology transfer can take place. "Imagine if we successfully build a microalgae and biomass manufacturing hub in Sabah, many job opportunities could be created," he said. Phoong said although neighbouring Sarawak was developing its own algae cultivation industry, they were using a photosynthesis-based system, which was different from the method that would be used in Sabah. "Sabah will be using heterotrophic technology, which doesn't require sunlight to grow microalgae," he said, adding that this presented a very good opportunity to develop new high-value manufacturing industries. Phoong added that although the development mechanisms differed, the goal remained the same. "We will start with 100 hectares first, just like Sarawak did, before expanding to 1,000 hectares. They did it with their Japanese partners." Tham of CCE Power explained that heterotrophic technology is a closed-tank system with a shorter production cycle, requiring only five to seven days to harvest, with a yield of nearly 60 per cent. "This will help develop Sabah and support its progress towards commercialisation and prove that it can benefit both the economy and environment," he said.
Daily Express
09-07-2025
- Business
- Daily Express
Sabah investments third largest in first quarter
Published on: Wednesday, July 09, 2025 Published on: Wed, Jul 09, 2025 Text Size: Phoong said despite facing various challenges, including global economic uncertainties, geopolitical pressures and infrastructure requirements, his Ministry has made every effort to ensure domestic and foreign investors' continued confidence in coming to Sabah. Kota Kinabalu: Sabah recorded approved investments totalling RM10.9 billion for the first quarter (1Q) of this year, representing the third highest in Malaysia after Selangor and Kuala Lumpur, the Sabah State Legislative Assembly was told Tuesday. State Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe said the manufacturing sector emerged as the biggest contributor with an investment value of RM7.3 billion. 'As a result, the manufacturing sector investment in Sabah for 1Q of this year was the highest in Malaysia,' he said. He was responding to a question from Datuk Seri Mohd Shafie Apdal (Warisan–Senallang) who asked what measures have been taken to address issues that have deterred investors from coming to the State since 2020. Phoong said despite facing various challenges, including global economic uncertainties, geopolitical pressures and infrastructure requirements, his Ministry has made every effort to ensure domestic and foreign investors' continued confidence in coming to Sabah. He noted that the State Manufacturing Investment Task Force was established to assist investors, whether foreign or local, in resolving various issues and meeting their requirements. In addition, allocations have been made to improve basic infrastructure and utilities at the Kota Kinabalu Industrial Park, Sipitang Oil and Gas Industrial Park (Sogip) and Palm Oil Industrial Cluster (POIC) Lahad Datu. This includes a RM40 million allocation for constructing a 33kV/11kV main distribution substation for Sogip, which is currently underway. 'The Government, through Jetama Sdn Bhd, is also implementing an initiative to provide fresh water specifically for industrial use. This is actively being carried out at POIC Lahad Datu, involving the use of seawater desalination technology to produce fresh water for factory and industrial use,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Sun
08-07-2025
- Business
- The Sun
Sabah ranks third in Malaysia for Q1 2025 investments with RM10.9 billion
KOTA KINABALU: Sabah secured RM10.9 billion in approved investments during the first quarter of 2025, ranking third in Malaysia after Selangor and Kuala Lumpur. The manufacturing sector dominated with RM7.3 billion, making Sabah the top state for manufacturing investments nationwide. Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe highlighted the state's efforts to maintain investor confidence despite global economic uncertainties and infrastructure challenges. The State Manufacturing Investment Task Force was established to assist both foreign and local investors in resolving operational hurdles. Key infrastructure projects include upgrades at the Kota Kinabalu Industrial Park, Sipitang Oil and Gas Industrial Park (SOGIP), and Palm Oil Industrial Cluster (POIC) Lahad Datu. A RM40 million project is underway to build a 33kV/11kV main distribution substation at SOGIP. Additionally, Jetama Sdn Bhd is implementing a seawater desalination initiative at POIC Lahad Datu to supply fresh water for industrial use. 'This technology ensures sustainable water access for factories,' said Phoong. - Bernama
