Sarawak records RM16.69 bln worth of investments in first three quarters of 2023, says Awg Tengah

KUCHING (Nov29): Preliminary figures for the first three quarters of 2023 have shown that Sarawak had recorded RM16.69 billion worth of investments despite the sluggish global economy, said Datuk Amar Awang Tengah Ali Hasan.

The International Trade, Industry and Investment Minister said the manufacturing sector had contributed 68 per cent of the total investment, followed by 19 per cent from the primary sector and 13 per cent from the services sector.

“These investments are expected to create more than 4,500 employment opportunities,” he said when delivering his ministerial winding-up speech at the State Legislative Assembly (DUN) Sitting here today.

The Deputy Premier said the manufacturing sector, being the largest contributor for investment, attracted RM11.37 billion worth of investment from 73 projects mainly in non-metallic mineral products, basic metal products and electrical and electronic products.

“As the investment climate remains favourable, domestic and foreign investors continue to place confidence in Sarawak.

“This is evident in the newly approved manufacturing related investments, mainly in non-metallic mineral products (graphite) at RM6.3 billion; chemical and chemical products (Epichlorohydrin or ECH and fertiliser) at RM769 million; and basic metal products (steel pipe) at RM62 million,” he said.

He said existing investors were also taking advantage of this and expanding their presence in Sarawak, mainly in basic metal products (copper foil and building materials) at RM2.3 billion; electrical and electronics products (wafer probing & IC testing and solar ingot & wafer) at RM1.2 billion; and chemical and chemical products (fertiliser) at RM154 million.

He also said that Sarawak has been receiving new investment proposals from both foreign and domestic investors, including components for batteries used in electric vehicle (RM5 billion); green metal (RM2.59 billion); and medical gloves (RM1.5 billion).

For the primary sector, he said investment in mining was the main contributor with four main projects from oil and gas upstream activities worth RM2.7 billion.

“These projects are located offshore of Miri and Bintulu, namely Helang (RM624 million), D18 (RM766 million), F6 (RM792 million), and E11 Shallow Clastics (RM566 million).

On trade, Awang Tengah said the state’s total trade for the period of January to September 2023 was valued at RM140.3 billion.

This, he said, was lower by 12.7 per cent as compared to the same period last year.

“Exports were valued at RM93.7 billion, decreased by 16.8 per cent and imports stood at RM46.6 billion, contracted by 3.2 per cent.

“This was due to slower global demand, uncertainties in commodity prices and high base effect last year. Subsequently, trade balance was recorded at RM47.1 billion,” he said.

He said the Ministry of International Trade, Industry and Investment has introduced two new pilot programmes to further enhance the competencies of small, medium enterprises (SMEs) especially those export-oriented entrepreneurs to penetrate global markets namely MINTRED Connects and Export Boot Camp.

“MINTRED Connects aims to provide more opportunities for SMEs to directly engage with international partners.

“In June and September this year, 13 memorandums of understanding (MoU) and two memorandums of agreement (MoA) were signed in Guangzhou and Beijing, China.

“These MOU and MOA will foster greater collaboration in the areas of trade and technology.

“We have also matched 10 Sarawak SMEs with over 100 partners in China for Sarawak products and services to have wider access to the China market,” he said.

On the Export Boot Camp, he said the programme intends to build the capabilities of SMEs to have better access to the global export market and has to date, benefited over 100 SMEs.

He encouraged SMEs, particularly those involved in export-oriented businesses, to leverage on the various Free Trade Agreements signed by Malaysia to venture into new markets and enjoy preferential tax.