CEO Morning Brief

Sarawak Secures RM16.69 Bil Investments From January to September 2023

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Publish date: Thu, 30 Nov 2023, 08:41 AM
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TheEdge CEO Morning Brief

KUCHING (Nov 29): Sarawak recorded RM16.69 billion worth of investments for the first nine months of 2023, despite the sluggish global economy, said Sarawak Deputy Premier Datuk Amar Awang Tengah Ali Hasan.

He said based on preliminary figures from January until September this year, the manufacturing sector contributed 68% of the total investments, followed by the primary sector (19%) and services sector (13%).

"These investments are expected to create more than 4,500 employment opportunities," said Awang Tengah, who is also the state international trade, industry and investment minister.

Winding up for his ministry at the Sarawak Legislative Assembly here on Wednesday, he said the manufacturing sector was the largest contributor, attracting RM11.37 billion worth of investment from 73 projects.

"Newly-approved manufacturing-related investments, mainly in non-metallic mineral products which secured RM6.3 billion, chemical and chemical products (RM769 million) and basic metal products (RM62 million), had proven domestic and foreign investors' continued confidence in Sarawak," he said.

Awang Tengah said existing investors were also taking advantage of the favourable business climate in the state and expanding their investment, mainly in basic metal products with RM2.3 billion, electrical and electronics products (RM1.2 billion) and chemical and chemical products (RM154 million).

At the same time, he said Sarawak has been receiving new investment proposals from both foreign and domestic investors for the production of battery components for use in electric vehicles (RM5 billion), green metal (RM2.59 billion) and medical gloves (RM1.5 billion).

"Investment in mining was the main contributor of the primary sector, with four main projects from oil and gas upstream activities worth RM2.7 billion. These projects are located offshore of Miri and Bintulu," he added.

Source: TheEdge - 30 Nov 2023

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