S’wak records UK investments of RM345 mln from 2013–2023, trade with UK surges to RM150.7 mln in 2022

Awang Tengah (left) in a photo op with Lord Marland at the House of Lords in London.

KUCHING, Dec 14: The total investment from the United Kingdom (UK) in Sarawak from 2013 to 2023 was RM345 million, primarily in the manufacturing of petrochemicals and industrial gases, while Sarawak’s trade with the UK was valued at RM150.7 million in 2022.

According to a press release, Sarawak Deputy Premier-cum-Minister for International Trade, Industry, and Investment (Mintred) Sarawak, Datuk Amar Awang Tengah Ali Hasan, met with Lord Jonathan Peter Marland, a member of the UK’s House of Lords and the chairman of the Commonwealth Enterprise and Investment Council, in London to discuss issues of mutual interest pertaining to trade and investment between Sarawak and the UK.

“Malaysia’s trade with the UK was valued at RM17.57 billion in 2022 (RM17.18 billion in 2021) while Sarawak’s trade with the UK was valued at RM150.7 million in 2022 (RM74.9 million in 2021). There are plenty of opportunities for more cross-border activities in the trade of goods and services between Sarawak and the United Kingdom.

“Besides trade, total investment from the UK to Malaysia from 2013 to 2023 totalled RM8.6 billion, mainly in manufacturing of products such as lighting equipment, medical equipment, chemical products, and services. In the same period, total investment from the UK to Sarawak was RM345 million, mainly in manufacturing of petrochemical and industrial gases,” read the press release.

It also disclosed that Awang Tengah invited Lord Marland to visit Sarawak to further explore potential collaborations between the UK and the State.

Besides the Deputy Premier, the Sarawak delegation also included Mintred Sarawak deputy minister Datuk Dr Malcolm Mussen Lamoh; Mintred Sarawak acting permanent secretary Dzulkornain Masron; Economic Planning Unit Sarawak director Datu Lester Matthew; Regional Corridor Development Authority (Recoda) chief executive officer (CEO) Datu Ismawi Ismuni; Petroleum Sarawak Berhad (Petros) senior vice president (Corporate Strategy) Abang Arabi Abang Narudin; and InvestSarawak CEO Timothy Ong.

The press release also noted that Lord Marland was the UK Prime Minister’s Trade Envoy and Chairman of the UK Trade and Investment Business Ambassador Network between 2011 and January 2014.

“Lord Marland was made a Minister for the Department of Energy and Climate Change in 2010 and subsequently became Minister for Intellectual Property at the Department for Business, Innovation, and Skills in 2012.

“He continues his active involvement in the business world, and currently serves as the Chairman at both Bspoke Insurance Group Ltd and EcoWorld Management and Advisory Services (UK) Ltd. Additionally, he is a member of the Investment Advisory Committee of the Kuwait Investment Authority,” it added. — DayakDaily