Sabah to better last year’s approved investment total

KOTA KINABALU: Sabah is eager to attract more investments this year as the state bids to improve on its record in 2022.

State Industrial Development and Entrepreneurship minister Phoong Jin Zhe said that the collective efforts of his ministry have led to approved investments amounting to RM9bil in the first half of this year and placed Sabah fifth in the nation.

In 2022, he said, Sabah successfully attracted RM11.5bil in investment projects.

“In just the first six months of this year, we have achieved 79% of the total investment from 2022,” he said on Tuesday (Sept 19).

“I believe that with a stable political situation, Sabah is currently on the right development path.

“As long as we maintain political stability, we are confident of achieving even greater success this year, surpassing the previous year’s approved investment total and realising Sabah’s vision of progressing forward and achieving prosperity,” Phoong added.

He was commenting on the Malaysia Investment Performance report from January to June 2023, recently published by the Malaysian Investment Development Authority (Mida).

He noted that the state government has achieved commendable success in attracting foreign investments and driving Sabah’s economic growth in the first half of this year.

As such, the minister said he was committed to continuing cooperation with various stakeholders to seek more opportunities for Sabah.

“(This is to) attract more investments to Sabah and help the state achieve better overall results this year as a way of giving back to the people for their long-standing support,” Phoong said.

He added that the state government was closely working with the Federal Government.

Phoong said he has met with federal ministers in Kuala Lumpur multiple times to discuss promoting industrial development in Sabah and boosting the state’s economy.

“Several projects related to Sabah’s development and investment are currently under negotiation with the Federal Government.

“And I will continue to actively engage and collaborate with relevant federal departments to unlock Sabah’s potential and ensure that the state’s industrial parks can fully contribute to economic development,” he said.

He added that to achieve greater development and success in future, the state must collaborate with local businesses and provide them with the necessary support to enhance their value and promote local business growth.

“By strengthening their competitiveness, Sabah can promote economic growth and simultaneously upgrade our local businesses for mutual growth,” Phoong said.