The year 2023 has turned into one of the greatest years for the business sector in Sarawak despite some of the major challenges that the state and Malaysia had been through during the post pandemic.
This was further proven with not only further improvements on small and medium enterprises (SMEs) but also some of the business events that happened throughout 2023, most recently the Global Muslim Business Forum 2023, to which Prime Minister Datuk Seri Anwar Ibrahim attended the event as well.
As the world stands on the cusp of 2024, the economic landscape of Sarawak appears to be a tapestry woven with promise and resilience.
Despite the persistent global challenges, including the tumultuous conflicts in Ukraine/Russia and Israel/Palestine, the Sarawakian economy stands poised for a transformative journey, navigating through a complex web of factors such as high interest rates, inflation, sluggish Chinese economic growth, elevated oil prices, and unfavourable exchange rates in Malaysia that have collectively contributed to increased imported inflation and living costs.
In the midst of this intricate economic dance, Sarawak Housing and Real Estate Developers’ Association (SHEDA) Kuching Branch chairman Datuk Sim Kiang Chiok further said it best that when he finds solace in the stable political environment and robust leadership provided by Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
“It is this foundation that forms the bedrock of optimism as the state government experiences a surge in income.
“The trajectory is set by a meticulously crafted roadmap, the Post COVID-19 Development Strategy (PCDS2030), which lays the groundwork for Sarawak’s ascent to the status of a developed state within the next seven years, promising elevated income for all Sarawakians,” he said.
Economic initiatives poised to propel state’s GDP
He further added that the heart of this economic renaissance is the anticipated strategies poised to shape Sarawak’s future.
“Initiatives such as oil sales tax and royalties, coupled with forays into new economies encompassing carbon trading, carbon storage, hydro power generation, and hydrogen production, are not merely economic strategies but visionary pathways.
“The aim is clear: to propel the state’s Gross Domestic Product (GDP) from its 2022 mark of RM140 billion to an ambitious RM282 billion by the year 2030.
“Evidencing its steadfast commitment to future growth, Sarawak is pouring substantial investments into infrastructure projects that serve as both conduits for progress and symbols of prosperity.
“The Pan Borneo project, the autonomous rapid transit (ART)’s route construction in Kuching, and the establishment of the state’s new airline company collectively represent a strategic thrust to enhance connectivity, allure more visitors, and fortify the tourism sector—a pivotal force in sustaining economic development,” he added.
Peering into the horizon of 2024, Sim then explained that the economic wish list for Sarawak is profound.
“It encompasses a reduction in bank interest rates, a catalyst to facilitate the private sector in lowering capital costs.
“Simultaneously, the aspiration is for a strengthened ringgit, acting as a bulwark against price increases that have the potential to impede progress.
“Positive changes in the global economic landscape, including lower interest rates and improved Chinese economic performance, are not just hopes but anticipations that will bolster the demand for Malaysian goods on the international stage,” he stated.
Sim then opined that yet, beyond economic aspirations lies the deep-seated desire for global harmony.
“The resolution of ongoing conflicts around the world is a beacon for Sarawak, a testament to its commitment to fostering peace and prosperity for all,” he said.
