Sarawak records RM10.4b in investment value

KUCHING: Sarawak remains a top investment destination, having recorded an approved investment value of RM10.4 billion as of June 2024.

Deputy Premier Datuk Amar Awang Tengah Ali Hasan said that this value includes investments approved by the Implementation and Coordination Committee (ICC).

“This amount comprises RM5.7 billion in foreign direct investment (FDI) and RM4.7 billion in domestic direct investment (DDI).

“These are the figures recorded in Sarawak from January to June this year,” he said during a press conference after attending the Sarawak Joint Committee for Industry Coordination Meeting (JBI) at the Pullman Hotel here Monday.

In line with this, Investment, Trade and Industry (MITI) Minister Tengku Datuk Seri Zafrul Abdul Aziz who was present, disclosed that Malaysia’s investment performance showed a 13 per cent growth in the first quarter of 2024.

He noted that this is a significant increase compared to the same period last year.

“We will announce the second quarter data after it is obtained… it is usually released in September,” he said.

On the same note, Awang Tengah who is also Minister of International Trade, Industry, and Investment, said the Sarawak government has proposed that Senari Port and Miri Port be designated as free trade zones.

He said the proposal has received positive responses from MITI and the federal government.

“We are focusing on these two ports first. Then we will assess the needs for other ports like Bintulu Port and others,” he said.

Awang Tengah also called on MITI to consider expanding the industrial area in Sama Jaya Free Industrial Zone as it requires a significant funding.

Additionally, he discussed the development of hydrogen and the necessity of creating a conducive ecosystem to attract both foreign direct investment (FDI) and domestic direct investment (DDI) in this sector.

“As we know, Sarawak has already partnered with companies from Japan and Korea for hydrogen development.

“Therefore, we need incentives from the federal government to create a more conducive and attractive ecosystem. This is a new focus that deserves attention,” he added.