‘S’wak’s success in attracting investments due to good governance’

Awang Tengah (centre) representing the CM at the 4th Sarawak Business and Investment Summit. From right: Wong, Fadillah, Awang Tengah, CEO of ASLI Tan Sri Dr Michael Yeoh and Nancy.

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KUCHING: Over the past nine years, Sarawak has ranked among the top four investment destinations in Malaysia.

In fact, Sarawak moved up to No. 2 in 2015 and No. 3 in 2016.

“This achievement is not by chance, but the result of our strong leadership, good planning and implementation by the state government.

“Apart from the tax incentives provided by the federal government, the state also offers competitively-priced land with flexible terms of payment, as well as electricity and water tariffs,” said Chief Minister Datuk Patinggi Abang Johari Tun Open during his opening keynote address at the 4th Sarawak Business and Investment Summit 2017 event themed “Digitising Sarawak, Amplifying Growth” organised by Asian Strategy and Leadership Institute (ASLI) today.

He said in tandem with the slowdown of the global economy, approved investment in Malaysia’s manufacturing sector was subdued in 2016.

“Against this backdrop, total investments in Sarawak decreased to RM4.7 billion in 2016.

“However, for the first nine months of this year, the state has received investment proposals totaling RM8.4 billion.

“This does not include the proposed USD3 billion steel project and USD2 billion methanol project in Bintulu,” said Abang Johari who was absent due to a scheduled meeting with the Prime Minister Datuk Seri Najib Tun Razak in Putrajaya today.

His keynote address was read out by Deputy Chief Minister Datuk Amar Awang Tengah Ali Hasan.

Abang Johari also pointed out that the state’s nominal GDP has expanded from RM119.1 billion in 2015 to RM121.4 billion in 2016, where Sarawak’s GPD per capita increased from RM44,100 to RM44,300 over the same period.

He attributed the positive growth to services and manufacturing sectors.

In terms of employment, he said there was an increase from 1 million in 2015 to 1.2 million in 2016.

“The number of job vacancies created in 2016 was 50,000 and the incidence of poverty was reduced from 2.4 per cent in 2012 to 0.9 per cent in 2014.

“Our state has consistently maintained good credit ratings of A- with stable outlook by Moody’s Investors Services and A3 with stable outlook by Standard and Poor.

“Our good credit ratings are due to our prudent financial management and good governance,” he said.

Also present were International Trade and E-commerce Minister Dato Sri Wong Soon Koh, Works Minister Datuk Seri Fadillah Yusof, and Minister in the Prime Minister’s Department Datuk Seri Nancy Shukri.