By Amanda L
KUCHING, Nov 10: Sarawak is looking to combine State government resources and private-sector financing to fund major infrastructure and development projects as it seeks to maximise available funding for economic expansion.
Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said the approach would enable the State government to leverage its revenue and bond issuance while tapping private-sector financing and expertise to implement development projects.
The financing approach comes as Sarawak seeks to strengthen its industrial transition and ensure local industries meet increasingly stringent international sustainability requirements. As highlighted by British High Commissioner to Malaysia Ajay Sharma, the UK is prepared to facilitate partnerships by combining its expertise in green finance, technology and engineering with Sarawak’s potential in clean energy and industrial development.
Abang Johari said private-sector participation was crucial to driving economic growth with the State government’s role centred on providing the infrastructure, facilities and policies needed to support businesses.
“The engine of growth is the private sector. They understand their respective industries well, while the government provides the appropriate facilities and policies.
“The actual implementation of development lies with the private sector, including through private financing,” he said during a fireside chat at the Standard Chartered–Invest Sarawak–BMCC Industrial Transition Forum here today.
He said a hybrid financing model involving public and private-sector resources could support major development projects, with the State government using its revenue and bond proceeds to fund its share, while private companies financed and undertook project implementation.
According to him, such arrangement would allow financial resources to be channelled more strategically according to development priorities, while making greater use of private-sector expertise and funding.
The Premier said stronger cooperation between the State government and private sector was essential to supporting Sarawak’s long-term economic growth and ensuring development projects could be carried out effectively. — DayakDaily
