Sarawak continues to be preferred destination among foreign investors despite Covid-19

Awang Tengah delivering his speech for the launch of CMIEA 2021 through a webinar today.

By Adrian Lim

KUCHING, Aug 12: Sarawak continues to draw billions in investments from foreign investors despite the Covid-19 pandemic, said Deputy Chief Minister Datuk Amar Awang Tengah Ali Hasan.

Awang Tengah said Sarawak remains one of most attractive places for investment in Malaysia despite the Covid-19 pandemic.


“While the State has secured RM15.7 billion worth of approved investment in 2020, we are not resting on our laurels and are continuing to engage with foreign investors on their proposed investments in green hydrogen, electric vehicles, glass, glass fibre and more.

“I am also pleased to reveal that four multinational corporations in Sama Jaya have begun their expansion plans worth RM6.31 billion.

“This is a testament of the investors’ full confidence in Sarawak government’s ability to manage our economy as well as the way we manage the pandemic,” he said in his speech during the virtual launching of the Sarawak Chief Minister’s Industry Excellence Awards 2021 (CMIEA 2021) today.

Apart from that, more than 4,700 Sarawakian small and medium enterprises (SMEs) benefited from the interest subsidies for three financing facilities provided by the Sarawak government.

The financing facilities, Special Relief Facility (SRF), Targeted Relief and Recovery Facility (TRRF) and Penjana Tourism Financing (PTF) were aimed to support local businesses affected by the Covid-19 pandemic.

“Under the interest subsidy scheme provided by the Sarawak government, a total of 1,918 Sarawakian SMEs have benefited from the (SRF) scheme with a total loan facility of RM560.67 million and an estimated interest subsidy of RM47 million.

“To date, a total loan of RM229 million has been approved by the respective banks to 2,035 Sarawakian SMEs (for TRRF) with the estimated interest subsidy of RM22.14 million.

“(For PTF), to date a total loan of RM20.55 million has been approved by the respective banks to 815 Sarawakian SMEs with the estimated interest subsidy of RM1.96 million,” Awang Tengah who is also International Trade and Industry, Industrial Terminal and Entrepreneur Development Minister said.

He pointed out that Sarawak is the only State in Malaysia that provides interest subsidies for SRF, TRRF and PTF to assist local SMEs to reduce their financial burden impacted by Covid-19.

He disclosed that the total interest subsidy for the three schemes was budgeted at RM80.7 million.

In the meantime, he revealed that financial assistance for TRRF and PTF are still available until the respective fund is exhausted while application for SRF has closed since December 2020.

Among those attended the launching of CMIEA 2021 were Sarawak Business Federation (SBF) president Datuk Abang Abdul Karim Tun Openg, Malaysia Productivity Corporation director general Datuk Abdul Latif Abu Seman, Deputy State Secretary (Performance and Service Delivery Transformation) Datu Dr Sabariah Putit and invited guests. — DayakDaily