KUCHING: The Ministry of International Trade, Industry, and Investment (Mintred) is developing the Sarawak Investment Policy to enhance the state’s appeal to targeted industries.
According to the first Post-COVID-19 Development Strategy (PCDS) 2030 annual report, the policy aims to establish a comprehensive regulatory framework, incentives, strategies, and other support mechanisms to provide clarity and strategic direction for government bodies and investors.
“In addition to the Sarawak Investment Policy, Mintred will develop a master plan to improve the competitiveness of SMEs in Sarawak and to create a more integrated and robust ecosystem for entrepreneurship development.
“This master plan will formulate strategies and action plans to foster the growth, competitiveness, and sustainability of MSMEs across various sectors.
“This initiative aligns with PCDS 2030 to enhance Sarawak’s investment landscape,” it stated in the report.
The report indicates that Sarawak has attracted significant investments totalling RM21.5 billion since 2021, leading to the creation of over 11,000 employment opportunities.
Moreover, as of the third quarter of 2024, the state has recorded approved investments amounting to RM10.43 billion across 212 projects, expected to generate approximately 5,400 new jobs.
Domestic direct investments (DDIs), which include reinvestments by existing foreign investors using domestic funding, contributed RM7.18 billion, and foreign direct investments (FDIs) accounted for RM3.25 billion, as mentioned by Mintred Minister Datuk Amar Awang Tengah Ali Hasan during the recent State Legislative Assembly (DUN) Sitting.
Sarawak continues to establish itself as a preferred investment destination for high-value manufacturing, driven by a sustainable, innovative, and efficient ecosystem and entrepreneurial community.
According to the report, key industrial hubs like Samalaju Industrial Park (SIP) in Bintulu and Sama Jaya Free Industrial Zone (SJFIZ) in Kuching play a crucial role in this effort.
To date, SIP has approved investments worth RM52.47 billion, hosting eight operating investors and creating 8,300 jobs. Investors come from countries such as South Korea, China, Japan, South Africa, and Malaysia.
Meanwhile, SJFIZ in Kuching has attracted RM14.95 billion in approved investments, with 19 investors currently operating and creating 15,000 jobs, resulting in positive economic impacts for Sarawak.
