BUSINESS

SABAH RECEIVES RM11.34 BLN INVESTMENTS IN 2023 - TUN JUHAR

18/04/2024 06:19 PM

KOTA KINABALU, April 18 (Bernama) -- Sabah received investments amounting to RM11.34 billion last year, the seventh highest in Malaysia, said the Yang diPertua Negeri Tun Juhar Mahiruddin.

He said of that amount, RM1.51 billion was from the manufacturing sector which was very encouraging and underscores the sector’s growth and importance as a state economic driver.

Citing SK Nexilis Malaysia Sdn Bhd as an example, he said the company invested RM300 million via subsidiary Curix Sdn Bhd to manufacture copper granules in its Kota Kinabalu Industrial Park factory.

"The State Government will empower the manufacturing investment task force in 2024 to realise and accelerate all approved investments.

"Industrialisation and investments continue to drive the state's economy," he said in the State Government policy speech at the 16th Sabah State Legislative Assembly opening here today.

Tun Juhar said focus will continue to be given to implement initiatives to raise investor confidence in green technology products, biomass and mineral resources downstream sector, food processing and manufacturing, and medical devices sector.

"Other initiatives include drawing up and implementing the policy direction for the manufacturing sector, including preparing a development master plan for two new industrial parks in Kota Belud and Kimanis, and implementing Sabah’s Oil Palm Biomass Industry Policy," he said. 

He said the Sabah government collected revenue totalling RM6.974 billion in 2023, the highest in history, surpassing 2022’s record collection of RM6.960 billion.

Apart from manufacturing, he said the tourism sector showed encouraging recovery in 2023 with tourist arrivals rising to 2.61 million versus 1.72 million recorded in 2022.

Tun Juhar said the state government is targeting three million arrivals this year and will accelerate implementing various high-impact initiatives and programmes including incentivising industry players.

"The State Government will continue its aggressive tourism promotion and marketing campaign by focusing on various high-impact and high-visibility programmes to develop high-yielding niche market segments.

"The state government has also focused on developing and providing infrastructure and facilities in tourism areas, especially outside the city, including Sabah Parks and Sabah Museum areas to prepare for the Visit Malaysia Year 2026," he said.

-- BERNAMA


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