Oversubscribed sukuk reflects confidence in Sarawak’s economy, says Abang Johari

Abang Johari presents a Diamond replica to Abdul Aziz in conjunction with the launch of SEDC’s Diamond Transformation Project during it's 50th Anniversary Dinner held at Riverside Majestic Hotel on July 4, 2022.

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By Nur Ashikin Louis

KUCHING, July 5: The oversubscribed sukuk (Islamic bonds) in Sarawak’s sustainable development projects including methanol reflects investors’ confidence on the State’s economy, says Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

Following this, he congratulated Sarawak Economic Development Corporation (SEDC) and other agencies for embarking on their journey in the petrochemical industries as well as other green energy industries.

“They (investors) know that our journey towards 2030 is very clear and Sarawak will be a developed State with a high income economy by 2030,” he said when officiating at SEDC’s 50th Anniversary Dinner at Riverside Majestic Hotel last night (July 4).

Abang Johari who is the minister-in-charge for SEDC further noted that while the world is facing a lot of challenges with regards to climate change, Sarawak has taken certain steps to play its role towards green environment by identifying its strengths.

One of it is that Sarawak is blessed with a lot of water where it can produce hydrogen and this renewable energy is utilised in the implementation of the State’s zero emission public transportation system.

At the same time, Sarawak has also amended its Land Code and Forest Ordinances where they are part and parcel for the State to develop hydrogen and venture into carbon trade.

He also mentioned that he had requested SEDC to look into the possibility of producing biofuel from algae cultivation to be utilised as aviation fuel.

“This is the new frontier and the State government is going towards these areas after careful study. Though there are risks, they are calculated risks and and we will diversify our revenue streams.

“I am confident that with cooperation with SEDC, Sarawak will achieve a certain level of revenue where Sarawak can have its own sovereign fund,” he added.

Amongst those present were Deputy Premier Dato Sri Dr Sim Kui Hian, State Legislative Assembly (DUN) Speaker Datuk Amar Mohamad Asfia Awang Nassar, Honorable Ministers and Deputy Ministers, State Secretary Dato Sri Mohamad Abu Bakar Marzuki and SEDC chairman Tan Sri Datuk Amar Abdul Aziz Husain. — DayakDaily