Sabah attracts RM9 bln investments in first half of 2023

Phoong

KOTA KINABALU (Sept 19): Sabah has achieved commendable success in attracting foreign investments and driving Sabahs economic growth in the first half of this year, said Industrial Development and Entrepreneurship Minister Phoong Jin Zhe.

He said his ministry had actively promoted investment in Sabah, leading to the approval of investments totaling RM9 billion in the first half of 2023, ranking Sabah fifth in the nation.

In 2022, he said Sabah successfully attracted a total of RM11.5 billion in investment projects.

Phoong also expressed his commitment to continuing cooperation with various stakeholders to seek more opportunities for Sabah, attract more investments to Sabah, and help the state achieve better overall results this year, as a way of giving back to the people of Sabah for their long standing support.

He made these remarks in a press release on Tuesday, in response to the Malaysia Investment Performance report from January to June 2023 that was recently published by the Malaysian Investment Development Authority (MIDA).

“I believe that with a stable political situation, Sabah is currently on the right path of development. In just the first six months of this year, we have achieved 79% of the total investment from 2022. 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 stated that the Sabah government is currently closely cooperating with the Federal government. He has met with federal ministers in Kuala Lumpur multiple times to discuss matters related to promoting industrial development in Sabah and boosting the state’s economy. He hopes to bring more good news to Sabah in the future.

“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 Sabah’s industrial parks can fully contribute to economic development and achieve significant results.”

Phoong emphasised that statistical data released by the Malaysian Investment Development Authority repeatedly demonstrates that political stability is crucial for Sabah’s economic development and the welfare of its people.

Therefore, he hopes that political parties under the Unity Government will continue to prioritise the people’s interests, unite, set aside their differences, and work together to secure more benefits for Sabah.

He revealed that to drive industrialization and economic development in Sabah, the Sabah government cannot solely rely on foreign contributions. They must also support local businesses, assist local companies in adapting to export-oriented manufacturing trends, and enable more high-quality Sabah products to reach West Malaysia and international markets.

“To achieve greater development and success in the future, we 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.”

He concluded that despite the impressive achievements in the first half of 2023, Sabah will not rest on its laurels but will intensify efforts in the second half of the year to seek more investment opportunities, create more high- paying job opportunities, achieve better results, and set Sabah on the path to industrialization, becoming a state with a thriving economy.