The State can expect to see more investment coming to Sarawak, said Deputy Chief Minister YB Datuk Amar Haji Awang Tengah Ali Hasan.
“Sarawak’s attractiveness as a preferred investment destination is largely due to our political stability, business friendly policies, as well as our ability to provide modern infrastructure, competitive power and water tariffs, tax and non-tax incentives as well as a young and skilled workforce that support the growth of industries,” said YB Datuk Amar Haji Awang Tengah who is also the Second Minister of Urban Development & Natural Resources and Minster of Industrial & Entrepreneur Development.
In delivering his opening keynote address during the 13th World Islamic Economic Forum (WIEF) on November 23rd, YB Datuk Amar Haji Awang Tengah said that the State has approved RM7.8 billion worth of investments in the first nine months of 2017.
Adding more, he said this does not include the proposed RM12.6 billion steel projects and the RM8.4 billion methanol project in Bintulu.
With Malaysia ranking second in the ASEAN countries in the ease of doing business by the World Bank Report 2017 and 7th in Asia Pacific Region, he noted that this has contributed towards business confidence among investors and positioned Sarawak as one of the preferred investment destination in the region.
YB Datuk Amar Haji Awang Tengah also said that Sarawak has consistently ranked among the top four investment destination in Malaysia in the past nine years and has moved up to the top three positions in the last two years.
In 2017, Sarawak’s economy is expected to grow at about four per cent following the improvement in the world economy.
As of now, the State’s current Nominal GDP is valued at RM121. 4 billion and the GDP per capita is RM44, 300, mainly driven by service and manufacturing sectors with expected growth rates of 6.4 per cent and 4.8 per cent respectively.
Under the Sarawak Corridor of Renewable Energy (SCORE), he also added that the State is able to attract RM33.64 billion worth of investment mainly in the energy intensive industry in Samalaju Industrial Park (SIP) as a result of the State’s ability to provide quality and reliable power at competitive price.
