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By Chris Bishop and Karen Bong
KUCHING, Aug 2: The year 2022 truly marked a turning point for Sarawak’s economy, with household income soaring from RM4,000 to RM6,000, along with a notable 40 per cent surge in trade volume.
Highlighting this, Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg said as a result of the hard work, Sarawak managed to double its revenue from RM6 billion to RM12 billion within a span of four years—an accomplishment which was recognised by the World Bank and catapulted Sarawak into the ranks of high-income regions.
“Our target (to achieve the status) is actually 2030 but we have worked so hard in 2022 that we managed to double our revenue from RM6 billion to RM12 billion in a matter of four years.
“The World Bank is monitoring our performance and evaluating our revenue (GNI or gross national income) on a per capita (population) basis; it earned us the status,” he shared before witnessing the signing of a Memorandum of Understanding (MoU) for the establishment of commercial bamboo plantations between Sarawak Timber Industry Development Corporation (STIDC) and Rich Venture Plantation Sdn Bhd at a local hotel today.
With this success, Abang Johari emphasised that the Sarawak government is committed to give back to the people through strategic investments aimed at further augmenting household income.
“While I will reveal the exact figures later, it is worth noting that our efforts boosted household income from around RM4,000 to RM6,000 in 2022.
“The Department of Statistics has also today revealed that trade volume in Sarawak surged by an impressive 40 per cent in 2022. The year 2022 had really transformed our economy where we saw an increase in income, household earnings, and trade revenue,” he said.
Abang Johari pointed out that the positive trend continues into the current year, with promising growth on the horizon, although he declined to disclose specific figures.
Addressing economic diversification, he underscored the importance of diversifying the cultivation of various timber species, including bamboo, apart from encouraging the community to undertake algae farming to produce sustainable fuel to replace fossil fuel.
“For the private sector, I want to emphasise the significance of research and try to innovate and concentrate on new product development,” he urged.
He called on industry stakeholders to focus on three key areas including Sarawak’s abundant biodiversity which presents unique opportunities.
Secondly is Sarawak’s petrochemical reserves which offer potential for growth. Notably, Petroliam Nasional Berhad (Petronas) discovered six new fields this year, to add to the eight found last year.
Abang Johari said this surge in oil and gas resources compares favourably to the UAE’s wealth.
“Lastly, the downstream utilisation of biodiversity, including applications in pharmaceuticals, stands as our third focus.
“By combining these initiatives with our renewable energy sources, it will add value to our basic commodities and economic activities that will generate economic returns for Sarawak, while propelling a broader range of economic activities,” he added.
Deputy Minister of Natural Resources and Urban Development Datuk Len Talif Salleh, former STIDC general manager Datu Dr Hashim Bojet as well as Rich Venture Plantation managing director Dato Hii King Chiong and director Hii Wei Wen were among those present. — DayakDaily
