KOTA KINABALU: Sabah is aiming to attract more investments in the current year in order to surpass its achievements in 2022. Sabah’s State Industrial Development and Entrepreneurship minister, Phoong Jin Zhe, highlighted that his ministry’s collective efforts have resulted in approved investments of RM9bil in the first half of this year, ranking Sabah fifth in the nation. In 2022, he mentioned that the state had successfully attracted RM11.5bil investments. He remarked, “In just the first six months of this year, we have accomplished 79% of the total investment achieved in 2022. As long as we can maintain political stability, we are confident in achieving even greater success this year, surpassing the previous year’s approved investment total and realizing Sabah’s vision of progressing forward and achieving prosperity,” said Phoong. The minister’s comments were made in response to the recently published Malaysia Investment Performance report by the Malaysian Investment Development Authority (Mida).
Phoong acknowledged that the state government has achieved commendable success in attracting foreign investments and driving Sabah’s economic growth during the first half of this year. He affirmed his commitment to continue collaborating with various stakeholders to seek more opportunities for Sabah. Phoong stated, “This is to attract more investments to Sabah and help the state achieve better overall results this year as a way of giving back to the people for their long-standing support.” He further noted that the state government is closely collaborating with the Federal Government. The minister has frequently met federal ministers in Kuala Lumpur to discuss promoting industrial development in Sabah, as well as enhancing the state’s economy. He explained, “Several projects related to Sabah’s development and investment are currently under negotiation with the Federal Government. And I will continue to actively engage and collaborate with relevant federal departments to unlock Sabah’s potential and ensure that the state’s industrial parks can fully contribute to economic development.”
Furthermore, Phoong emphasized the importance of collaborating with local businesses and providing them with necessary support to enhance their value and promote local business growth. He stated, “By strengthening their competitiveness, Sabah can promote economic growth and simultaneously upgrade our local businesses for mutual growth.”
Credit: The Star : News Feed
