Tengku Zafrul: Sarawak attracts RM4.2 bln investment in 1Q 2024, poised to receive more green investments

KUALA LUMPUR (July 17): Sarawak has attracted RM4.2 billion in approved investments in the first quarter of 2024 (1Q 2024), a key part of national growth story following the launch of the New Industrial Master Plan (NIMP) 2030.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said this ranks the state at fourth place in terms of value of investment flow.

He said the key achievements since NIMP 2030’s launch almost a year ago include approved investments valued at RM329.5 billon recorded by Malaysia in 2023, potentially creating almost 130,000 jobs.

“(We also achieved) approved investments of RM83.7 billion for 1Q 2024, up 13 per cent year-on-year (y-o-y), and out of this, more than 56 per cent was approved foreign investment.

“The total investments approved will create 29,000 new jobs for Malaysians, a 14.6 per cent increase y-o-y),” he said in his remarks at the MIDA Invest Series titled “Sarawak unfolding its business potentials” here today.

Tengku Zafrul said many electrical and electronics and chemicals companies have established their presence in Sarawak, including Taiyo Yuden Sdn Bhd, OCI Co Ltd, Melexis and X Fab Sarawak Sdn Bhd.

“Together with many other domestic and foreign investors, these investments have created valuable spillover opportunities for small and medium enterprises and our fellow citizens in Sarawak, proudly contributing to the vibrant economic development of the state and nation,” he said.

The minister also said Sarawak’s ambitious green energy agenda, which aims to decarbonise its transport system and transition towards a low-carbon economy, is highly complementary to the national-level strategy on green investments, NIMP 2030 and National Energy Transition Roadmap (NETR).

He also revealed that from 2021 to March 2024, about 80 per cent of manufacturing projects approved had been implemented.

“The high implementation rate has been made possible through initiatives such as the Invest Malaysia Facilitation Centre (IMFC) at the Malaysian Investment Development Authority, with support from key agencies like the Royal Malaysian Customs, Immigration, and Inland Revenue Board, to ease the investors’ journey in Malaysia,” he said.

He added that the Investment, Trade and Industry Ministry has been focusing on revamping the whole industrial and investment ecosystem, including incentives, talent, infrastructure, as well as regulatory, procedural, and institutional mechanisms. – Bernama