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Categories
| Sarawak registers highest investment for manufacturing in 1H09 |
| Politics & Government 2009 | |||
| Written by The Edge Financial Daily | |||
| Tuesday, 18 August 2009 23:28 | |||
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Addressing the business community in Sarawak today, he said the state's approved investments amounted to RM7.3 billion, accounting for 45.9% of the country's total approved investment of RM15.9 billion in the manufacturing sector. He was speaking at the Sarawak Investment and Trade Dialogue and Seminar on the manufacturing and services sectors here. "Of the amount approved for Sarawak, 24.7% or RM1.8 billion was from domestic sources, while 75.3% or RM5.5 billion was from foreign sources". He said approvals in Sarawak for foreign investment were also the highest in the country, accounting for 52% of the RM10.6 billion approved. Investments in the first half of the year were mainly in the chemical and chemical products (RM5.6 billion), basic metal products (RM1.6 billion) and wood and wood products (RM56.5 million). On the government's move in making Sarawak as one of its five new growth regions, Mustapa said the Sarawak Corridor of Renewable Energy (Score) would enable Sarawak's economy to move up the value chain further by attracting investments into higher value-added activities in the manufacturing, agriculture and services sectors. He also said the government had embarked on formulating a new economic model for the country which would be based on innovation, creativity and high-value sources of growth. Mustapa said the model was intended to shift the country's reliance from a manufacturing base dependent on semi-skilled and low-cost labour to one that focused on high technology and a modern services sector dependent on skilled and highly paid workers.
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