RM22.8 bln in approved investments in services, manufacturing, primary sectors in S’wak in 2023, says Awg Tengah

KUCHING (May 15): Sarawak recorded RM22.8 billion in approved investments in services, manufacturing and primary sectors in 2023, while RM2.4 billion worth of investment was recorded in the first quarter of this year, says Deputy Premier Datuk Amar Awang Tengah Ali Hasan.

The International Trade and Investment Minister also said Domestic Direct Investment (DDI) was the main contributor at 65.8 per cent or RM15 billion, while foreign direct investment (FDI) contributed 34.2 per cent or RM7.8 billion of the total approved investments.

“The manufacturing sector contributed the highest share of investments at 40.3 per cent or RM9.2 billion of the total approved investments, followed by services sector at 38.6 per cent or RM8.8 billion and primary sector at 21.1 per cent or RM4.8 billion,” he told the Sarawak Legislative Assembly during his ministerial winding-up speech yesterday.

He pointed out the manufacturing sector had contributed 27.7 per cent of the total gross domestic product (GDP) of Sarawak in 2023, creating 4,200 employment opportunities.

The approved investments were mainly in the electronic and electrical sector involving semiconductors, wafers, testing and probing worth RM3.4 billion; RM2.6 billion in the basic metal sector involving copper foil and building materials; and RM1.3 billion investments in chemical products.

As for the first quarter this year, the minister said the manufacturing sector had achieved RM2.4 billion worth of investments for 30 projects; comprising RM1.7 billion in chemical products (urea and melamine); RM436 million in basic metal products (metallic silicon and molten aluminium); and RM143 million in non-metallic products (cement and concrete).

Awang Tengah highlighted that Sarawak continues to attract new investment interests, namely RM6.5 billion in the solar glass project and the mining of silica; RM18.6 billion in constructing a data center; and an expansion to manufacture components for batteries worth RM1 billion.

“As one of the strategic promoted sectors under the Post Covid-19 Development Strategy 2030 (PCDS 2030), manufacturing will shift to more advanced and technology-driven production, move up the value chain and diversify towards sustainable green growth,” said Awang Tengah.