Statos to put Sarawak on Singapores investment map
0 month ago, 16-Aug-2019
Abang Johari (left) tours the exhibits at the Sarawak-Singapore Business Forum and the Sarawak Expo 2019.
SINGAPORE: Sarawak is vying for more investments from Singapore, particularly in fields such as oil and gas (O&G) and digital economy.
This comes as the state government officially launched the Sarawak Trade and Tourism Office Singapore (Statos) today as part of the Sarawak-Singapore Business Forum and the Sarawak Expo 2019.
Sarawak and Singapore have a long history of economic ties through trade and investment since the 1960s.
The volume of trade has grown almost 11 times from merely US$0.07 billion (US$1=RM4.19) in 1960 to US$0.71 billion in 2018,” the state government said in a statement.
Singapore remains as Sarawaks top eight trading partners, contributing about two per cent of the total trade for Sarawak totalling US$35.60 billion last year.
The major commodities and goods exported to Singapore from Sarawak are mineral fuels and lubricants, machinery and transport equipment, food, and chemicals.
Sarawak also import goods from Singapore, mainly fuels and machinery for development purposes.
“Sarawak and Singapore should work together to further strengthening and expanding the existing cordial business ties to greater new heights, it detailed.
With the establishment of Statos, it hopes that Singaporean companies and Singapore in general would be able to attain the latest information in respect to the proposed investment or interest to visit Sarawak.
Statos will work closely with Malaysian Investment Development Authority, Malaysia External Trade Development Corporation, Malaysia Tourism Promotion Board and High Commission of Malaysia in Singapore to attract more investment and tourists to Sarawak.
The forum and expo saw a total of 878 participants have registered for the event comprising 446 Singaporeans and 426 Malaysians, whereby 418 are from Sarawak.
There were 100 booths in Sarawak Expo showcasing the Sarawaks products and services including agriculture and food products, tourism attractions, shipbuilding, timber-based industries, training and education and property development.
“Singapore as a developed nation is indeed considered as a model of a successful economy by many developing countries, it added.
Sarawak could learn from Singapore especially on the industrialisation policy and advancement in technologies as Sarawak moves forward to become a high-income and developed state by 2030.
The state government thus encouraged more investors to look into Sarawak as a source of investments.
“There are numerous investment opportunities that Sarawak can offer to potential investors, both resource and non-resource based industries, focusing in high value added downstream processing activities.”
One sector highlighted to interested investors is the O&G industry.
“The Sarawak State Government has established Petroleum Sarawak Berhad (PETROS) to facilitate the collaboration with Petronas or other oil and gas companies to explore and develop new oil and gas areas both onshore and offshore of Sarawak.
“Sarawak also embarking on digital economy focusing on smart agriculture, industry 4.0, tourism, smart city, digital health, e-commerce, digital government and sports, social, arts and culture for the purpose of planning, coordinating and accelerating the implementation of digital economy initiatives.”
Sarawak would also want to have some insights on Singapores digital technology advancement, research and development as well as tourism development, it said.
“Sarawak also welcomes proposal from companies in Singapore to set up Data Centre in Sarawak because the State has abundant supply of energy and water to support the proposed establishment of Data Centre.
“Sarawak is ever ready to facilitate any proposed investment in the State. Sarawak practices hand holding exercise with potential investors to ensure the success of their proposed investments,” it said.