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Awang Tengah: S’wak tops M’sia’s most preferred investment destination in first 3Q of 2020

KUCHING (Nov 13): Sarawak ranked first as the most preferred investment destination in Malaysia in terms of investment value in manufacturing sector for the first nine months of this year, said Deputy Chief Minister Datuk Amar Awang Tengah Ali Hasan today.

The Minister of International Trade and Industry, Industrial Terminal and Entrepreneur Development said Sarawak continued to be an attractive investment destination in the country despite the Covid-19 pandemic.

“My ministry will continue to engage with investors either in person or online. For the first nine months of this year, Sarawak ranked number one as the most preferred investment destination in Malaysia in terms of investment value in manufacturing sector, with a total value of RM15.8 billion as in the Malaysian Investment Development Authority (Mida) report,” he said when delivering his winding up speech at the State Legislative Assembly (DUN) today.

Awang Tengah said Taiyo Yuden, Western Digital (HGST), IMM Technology (Iljin) and X-FAB were proceeding with their expansion plans in Sama Jaya High Tech Park valued at RM6.46 billion due to increasing global demand for mobile devices, hard disk drives, serves, energy storage solutions and automotive products.

He said a South Korean company was pleased with the recent findings conducted by the state and his ministry was confident that the company would choose Sarawak for its RM2.3 billion investment.

According to him, investors from China are also in the midst of applying to enter Sarawak to further their feasibility studies in bathymetric for their proposed US$5.2 billion oil and gas project in the state.

“An MoU was also signed recently between SEDC Energy Sdn Bhd and Japan’s Sumitomo Corporation and ENEOS Corporation on the establishment of a hydrogen production facility in Bintulu.

“We have also commenced discussions with another foreign company on their proposed hydrogen project,” he said.

Awang Tengah said the joint venture between Japanese companies and Sarawak Timber Industry Development Corporation’s (STIDC) subsidiary on biomass industrial fuel pellets project was at the testing stage.

The project, he said, was worth RM126 million and expected to commence construction at Tanjung Manis in mid-2022.

He informed the august House that the RM500 million battery project, a joint venture between China and Sarawak companies, at Demak Laut was under construction.

“The RM5.7 billion methanol plant in Kidurong is under site preparation and similarly, the RM17.05 billion steel project in Samalaju is expected to commence site preparation soon,” he added.

He pledged that his ministry would continue to facilitate all these investments so that Sarawak did not miss out on these opportunities even during this Covid-19 pandemic.

[Source: “Awang Tengah: S’wak tops M’sia’s most preferred investment destination in first 3Q of 2020” published by Borneo Post Online]

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