KUCHING: The Sarawak Business Federation (SBF) believes the newly introduced State Ownership Policy will enhance investor confidence and strengthen the state’s economic foundation, particularly in emerging sectors such as renewable energy, digital economy and advanced manufacturing.
SBF secretary-general Datuk Jonathan Chai said the policy, with its emphasis on clear governance structures and transparent implementation mechanisms, would create a more predictable, trusted and investor-friendly environment for both domestic and foreign players.
He noted that the policy marked a significant milestone in optimising the state’s resources and bolstering economic resilience through diversification.
“The government’s commitment to prudent and transparent wealth management under this forward-looking policy reflects its long-term vision for inclusive and sustainable growth,” he told Sarawak Tribune.
Chai also pointed out that enhanced state oversight of state-owned enterprises (SOEs) could be constructive if focused on good governance, accountability and performance-driven management.
“A stronger governance framework will improve the efficiency and integrity of SOEs, while contributing to a level playing field for private sector participants, provided all entities operate under fair, transparent and consistent rules,” he said.
He added that the policy also paves the way for greater public–private collaboration through partnerships, joint ventures and co-investment initiatives, particularly in infrastructure, public utilities, affordable housing, green technology and innovation ecosystems.
“These synergies can accelerate Sarawak’s transformation agenda, with SOEs playing a catalytic role in providing platforms for private sector participation, technology transfer and local capacity building,” he said.
On concerns over possible overlaps or competition with the private sector, Chai said these could be addressed through clear role delineation, transparent procurement and adherence to the principle of competitive neutrality.
He emphasised the importance of encouraging innovation and efficiency within SOEs by adopting internationally benchmarked governance standards, transparent reporting, independent audits and performance contracts.
“Collaborating with startups, SMEs, research institutions and universities can help SOEs build a culture of innovation, agility and efficiency,” he said.
Chai stressed that the success of the policy hinges on consistent implementation, transparency and open collaboration between the public and private sectors.
“If these principles are upheld, the policy will serve as a powerful driver for sustainable, inclusive and globally competitive growth, anchoring Sarawak’s vision of becoming a developed state by 2030,” he said.
Previously, Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said the policy was designed to optimise natural resources and diversify Sarawak’s economic base in a sustainable manner.
“With clear principles and frameworks, the Sarawak government can act as an active, professional and credible partner in asset management.
“This initiative is the first of its kind in the country, supported by economists and the World Bank,” he said.
