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Abang Johari: 31 key private sector driven initiatives identified to boost Sarawak economy

Publish date: Wed, 29 Nov 2023, 08:41 PM

KUCHING, Nov 29 — Premier Tan Sri Abang Johari Openg today said the state government has identified 31 key private sector-driven initiatives that would significantly contribute to the growth of the state’s economy.

He said the gross domestic products (GDP) projected to reach RM282 billion by 2030.

He said these high impact initiatives are in various sectors particularly oil and gas, manufacturing, agriculture and services.

“The projects are at various stages of implementation such as projects that are ready for operation, awaiting final investment decision (FID) and at the feasibility study stage,” he said in his winding up speech in the State Assembly.

“Using input-output analysis, the 31 catalytic projects have been analysed to assess the impact to the economy,” he said, adding that based on the analysis, these projects are expected to generate an additional RM56 billion to Sarawak’s GDP by 2030.

He said the projection takes into consideration the direct, indirect and induced impact generated during the construction and operation period of the projects.

He said six catalytic oil and gas projects have been identified and are projected to generate RM34 billion to Sarawak’s GDP.

He said they include the Bintulu Petrochemical Hub and Sarawak Petchem Methanol Plant (RM16 billion); Rosmari-Marjoram and Lang Lebah Onshore Gas Plants, Bintulu (RM13.9 billion); Samalaju and Miri Combined Cycle Gas Turbine (CCGT) Power Plants (RM2.4 billion); and RM1.7 billion from the proposed Lawas Petrochemical Development.

He said state-owned Petroleum Sarawak Berhad (Petros) is currently undertaking a feasibility study to develop the Kuching Gas Hub, the first in the Southern Region, with the development of the K5 oil and gas field.

Abang Johari, who is also the state Finance and New Economy Minister, said the RM56 billion contribution from identified major catalytic projects can also be higher due to the corresponding economic contributions from the services sector.

“Undeniably, a growing manufacturing sector often requires efficient supply chain and logistics services.

“As such, we foresee the services sector can benefit from increased demand for transportation, warehousing, distribution and other logistics-related services,” he said.

He said these catalytic initiatives will also unlock a huge potential within the local downstream industries, where the local micro, small and medium enterprises can potentially participate.

“In total, we are expecting additional RM96 billion GDP from catalytic initiatives and its spillover impact on Sarawak economy,” the premier said.

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