TUARAN: The Sabah Economic Development and Investment Authority (SEDIA) should look at collaborations to create new economic resources for the state.

"We must be able to make a paradigm shift on the state's socioeconomic development process.

"We need to take full advantage of research and development and commercialisation activities," said Sabah Chief Minister Datuk Seri Hajiji Noor when chairing the SEDIA board meeting at the Rumpun Bajau Samah Cultural Centre in Lok Batik here today.

Hajiji, who is also SEDIA chairman, said it was time for Sabah to shed its dependency on existing economic resources such as palm oil, oil and gas and rubber.

The Statistics Department stated that Sabah's main exports in 2022 were crude palm oil totalling RM21.1 billion, liquified natural gas at RM5.2 billion, crude petroleum at RM30 billion, palm kernel oil at RM 3.1 billion and others (comprising raw or processed goods) at RM3.5 billion.

"This shows that we must identify a bigger market for our non-commodity products.

"We must also increase the production of non-commodity goods that have a high potential for export," he said.

Hajiji also wants studies and research centres in Sabah to play a role in knowledge development, innovation and high-value product development.

"We can leverage their research to develop Sabah's downstream activities," he said.

Among the studies are the redevelopment of tourism, economic development at the Sabah border, and business and economic master plans.

"I want all findings to be shared and used widely," he added.

https://www.nst.com.my/news/nation/2024/03/1031696/sabah-cm-wants-sedia-find-new-economic-resources