China, Hong Kong, Australia, South Korea, Japan among potential investors eager to invest, implement projects in Sarawak

Awang Tengah sharing a presentation slide on the potential investments coming into Sarawak when delivering his winding-up speech at DUN Sitting on May 24, 2023.

By Karen Bong

KUCHING, May 24: Several potential investors from Hong Kong, China, Australia, South Korea, and Japan are eager to invest and implement their projects in Sarawak.

Minister of International Trade, Industry and Investment Datuk Amar Awang Tengah Ali Hasan disclosed that among the investors which have firmed up their investment intentions and submitted applications for consideration of the government is from Hong Kong for the proposed basic metal for EV (electric vehicle) components project worth RM6.3 billion.

The other investment applications are from China for a proposed urea and melamine project worth RM1.65 million, from Australia for a proposed basic metal for EV component project (RM900 million) and from South Korea for a proposed chemical project (RM709 million).

“Beside these, there are new investors who are in early discussions with the government to implement their projects in Sarawak.

“The investors are from China for a proposed basic metal for solar PV project worth RM5 billion; from Japan for a proposed green metal project (RM4.4 billion); from Australia for a proposed basic metal for EV components project (RM3.04 billion) and from China for a proposed chemical project (RM571 million),” he said when delivering his winding-up speech in the Sarawak State Legislative Assembly (DUN) Sitting here today.

Awang Tengah sharing a presentation slide on the potential foreign investors in early discussions with the government when delivering his winding-up speech at DUN Sitting on May 24, 2023.

While these are testaments to the attractiveness of Sarawak as an investment destination, the Deputy Premier reminded that Sarawak must not lose sight of the fact that the region is not only competing with neighbouring countries, but also with the other states in Malaysia for investments.

“Therefore, Sarawak must continue to leverage on its competitive advantages, particularly on the availability of green renewable energy to stand out as an attractive investment destination,” he said.

Awang Tengah informed that several projects in Sarawak are making good progress, notably the construction of the RM5.7 billion methanol project at Petchem Industrial Park which is nearing completion.

As for Sarawak Shell Bhd’s USD5 billion investment to commercialise sour gas in Sarawak offshore, he reported that the project to construct the Onshore Gas Plant 1 (OGP 1) within the Petchem Industrial Park at Tanjung Kidurong, Bintulu is currently under site preparation and targeted to proceed with construction this year.

Additionally, Thailand’s PTTEP, through its subsidiary PTTEP HK Ltd, is also considering investing USD5 billion to commercialise their sour gas discovery with final investment decision (FID) being taken by them by early 2024.

Meanwhile, Sarawak Economic Development Corporation (SEDC) through its wholly owned subsidiary, is partnering with an American investor in a medical glove manufacturing project worth RM130 million at the Pechem Industrial Park. The project is at construction stage and expected to be operational by early 2024.

“SEDC is also partnering with investors from South Korea and Japan in two hydrogen projects worth RM24 billion, with both projects currently are at front-end engineering design (FEED) stage and are also targeted to achieve FID by 2024 in order to be able to start operation by 2027,” he added. — DayakDaily