Malaysia needs own economic development strategy, says Minister

KUALA LUMPUR: Malaysia should develop its own economic strategy, rather than relying on plans from other countries, said Deputy Minister of Investment, Trade and Industry (Miti) Liew Chin Tong in Parliament on Monday.

However, he said that Malaysia will accept and take synergy from the development of Indonesia’s new capital, Nusantara, in Kalimantan.

"The development of the archipelago is far from Sabah and Sarawak even though it seems close. For our national strategy, we cannot depend on other countries.

"We will take the synergy we get but we, as a country, have to come up with our own economic development strategy," he said in response to an additional question from Datuk Rushdan Rusmi (PN-Padang Besar) about the economic spillover to Sabah and Sarawak as a result of the development of the archipelago.

Commenting on the latest high-impact investments that have been brought into Sabah so far, Liew said the state managed to attract a total of RM9.05 billion in approved investments in the service, manufacturing and primary sectors involving 68 projects and is expected to create 722 job opportunities for the locals.

He said domestic direct investment (DDI) was the main contributor with a total approved investment of RM8.99 billion or 99%, while foreign direct investment (FDI) contributed as much as RM61.7 million (1.0%).

Liew said Sabah has great potential for the development of resource-based manufacturing and service industries.

"Potential service sector industries in Sabah include tourism, renewable energy, logistics, education, training and maintenance.

"For the manufacturing sector, downstream product industries based on palm oil, oil and gas, cement and solar components have the potential to have a big impact

on Sabah's economy," he said in a reply to Riduan Rubin (Bebas-Tenom) regarding the sectors with the potential to be developed to make Sabah the country's new industrial powerhouse.

In addition, Liew said the biomass sector has great potential to boost Sabah's economy through investments in clean energy, green industry and the development of local downstream industries. -Bernama