Investment opportunities in Sarawak highlighted at Mida investment series event

KUALA LUMPUR (July 18): The Malaysian Investment Development Authority (Mida) and the Sarawak state government have successfully organised the first instalment of the Mida Invest Series – Sarawak: Unfolding Its Business Potential.

In a joint statement, they said the event aimed to highlight Sarawak’s dynamic business landscape, presenting untapped business and investment opportunities as well as facilitating engagement with key state agencies and stakeholders.

Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said there are huge opportunities for investors to collaborate with Sarawak and grow the clean energy generation sector.

“We are currently prioritising key areas such as large-scale solar, bioenergy including biogas and biomass, waste to energy, and pump hydro storage to address the intermittency of variable renewable energy and many more clean energy generation technologies that can be commercially deployed in Sarawak,” he said in his address.

Held at Mida Sentral in Kuala Lumpur, the event attracted over 200 participants, including industry leaders, government officials, entrepreneurs, and senior management from various sectors.

Meanwhile, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the recent approval of the Green Investment Strategy by the National Investment Council marks a significant milestone in efforts to drive sustainable socio-economic development.

He noted that the GIS aims to effect Malaysia’s energy transition and attract green investment in a more systematic way.

“Our aim is to attract roughly eight times the current value of green investments into Malaysia, guided by the seven low-carbon thrusts; as well as leveraging foreign investments in green technology and improving the green investment ecosystem.

“Sarawak’s ambitious green energy agenda, which aims to decarbonise its transport system and transition towards a low-carbon economy, is highly complementary to our national-level strategy on green investments, the New Industrial Master Plan 2030 (NIMP 2030) and the National Energy Transition Roadmap (NETR),” he explained.

Besides Sarawak Deputy Premier Datuk Amar Awang Tengah Ali Hasan, who is also the state’s Minister of International Trade, Industry, and Investment, said Sarawak offered a compelling value proposition across various economic sectors aligned with sustainable development goals and environmental, social and governance principles.

He also said that these principles are integral parts of the nation’s development strategy.

“Therefore, unfolding a sustainable future for Sarawak is about showcasing balanced economic growth with environmental stewardship and inclusive future,” he added.

Meanwhile, Mida chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid said that one of the reasons Mida Invest Series events are held is to help all states achieve their full potential in bringing about development.

“This programme aims to provide the business community with essential information on government facilities and initiatives designed to build and sustain the competitive edge of domestic companies.

“Additionally, we strive to keep everyone informed about the latest industry and investment developments. Today, we continue the momentum by spotlighting the business and investment opportunities in Sarawak,” he said.

The recent programme featured three insightful sessions that highlighted Sarawak’s strategic initiatives and investment opportunities in key sectors, sustainable port infrastructure development, and the roadmap of digital economy and digital transformation in Sarawak, presented by speakers from relevant state agencies.

According to the statement, Sarawak stands at the forefront of investment potential, driven by its vast natural resources, strategic initiatives and recent advancements

In 2023, Sarawak achieved a significant milestone with a total approved investment of RM7.8 billion in manufacturing and selected services which are under Mida’s purview, reflecting a substantial growth of 387.5 per cent compared to 2022.

It said this upward trajectory is expected to continue in 2024, with Sarawak securing RM1.3 billion in approved investments under the same sectors in the first quarter of this year.

This was contributed by foreign private investment, encompassing eight projects which are expected to create 1,171 potential employments in Sarawak. – Bernama