Despite sluggish global economy, Sarawak records RM16.69 bln worth of investments for first 3 quarters of 2023

Awang Tengah elaborating on Sarawak's total investments in 2023. Screenshot taken from Ukas' DUN livestream.

By Ling Hui

KUCHING, Nov 29: Sarawak has recorded RM16.69 billion worth of investments for the first three quarters of this year based on preliminary figures, despite the sluggish global economy.

Minister for International Trade, Industry and Investment Datuk Amar Awang Tengah Ali Hasan explained that the manufacturing sector 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.

“The manufacturing sector was the largest contributor for investment, attracting RM11.37 billion worth of investment from 73 projects mainly in non-metallic mineral projects, basic metal products and electrical and electronic products,” he added.

Some of the newly approved manufacturing related investments included RM6.3 billion in non-metallic mineral products (graphite), RM769 million in chemical and chemical products (Epichlorohydrin or ECH and fertiliser), and RM62 million in basic metal products (steel pipe).

For existing investors, Awang Tengah said they took the opportunity to expand their presence in Sarawak through investments amounting to RM2.3 billion in basic metal products (copper foil and building materials), RM1.2 billion in electrical and electronic products (wafer probing & IC testing and solar ingot & wafer), and RM154 million in chemical and chemical products (fertiliser).

Meanwhile, Sarawak has also received new investment proposals from both foreign and domestic investors, including RM5 billion in components for batteries used in electric vehicle, RM2.59 billion in green metal, and RM1.5 billion in medical gloves.

Awang Tengah, who is also Sarawak Deputy Premier, said investment in mining was the main contributor of the primary sector 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),” he said during his ministerial winding-up speech at the august House today.

All these investment, Awang Tengah emphasised, are expected to create more than 4,500 employment opportunities. — DayakDaily