KUCHING: Sarawak remains one of the preferred investment destinations for manufacturing projects in Malaysia, said Deputy Premier Datuk Amar Awang Tengah Ali Hasan.
According to him, Sarawak recorded RM23.17 billion (USD5.01 billion) in approved investments in 2020 and 2021.
“Looking at the business activities that take place between Malaysia and Kazakhstan, there is cooperation between the two countries.
“In 2021, Malaysia’s exports to Kazakhstan reached USD88.5 million consisting of electronics, rubber, agriculture, palm oil-based manufacturing and palm oil-based agricultural products.
“Meanwhile, imports from Kazakhstan to Malaysia were worth USD 10.8 million, consisting of metal manufacturing, transport equipment, chemical products, machinery, other equipment and spare parts as well as refined petroleum products,” he said.
He said this while officiating the Kazakhstan Business Opportunities Forum at the Grand Margherita Hotel, yesterday (Oct 26).
Awang Tengah added that there is a lot of potential for cooperation between the two countries such as in the timber and tourism sectors, but it was affected by the Covid-19 pandemic.
Hence, he said the forum would be able to give an opportunity to reacquaint with each other and establish new relationships and networks after the pandemic.
“This is the right platform for business compatibility from the Republic of Kazakhstan with our participants present, who are entrepreneurs and representatives of companies and government-linked companies (GLCs),” he said.
Commenting further on Sarawak’s economy, Tengah said that the state is located in a strategic location in the Asian market.
“The Asian region has grown rapidly with 4.5 billion people or about 60 per cent of the world’s total population, thus making this area strategic,” he noted.
Awang Tengah said Sarawak has a land area of 12.4 million hectares and is blessed with rich natural resources, mineral reserves, flora and fauna, as well as land that can be cultivated for agriculture.
“In addition, the halal industry in this state is also an important sector that has the potential for dynamic growth in both countries.
“The same goes for the growing oil and gas, timber product, palm oil and shipbuilding industries. With this, we welcome more downstream value-added activities in the manufacturing sector,” he said.
Awang Tengah hoped that the business community from Sarawak and Kazakhstan could develop the downstream oil and gas industry in the future.
“This is Sarawak’s desire to make the community flourish so that economic prosperity, social inclusion and a sustainable environment can be enjoyed by all,” he said.
