Foreign investments

Sabah recorded RM4.37 billion in foreign investment last year

KOTA KINABALU: Sabah recorded around RM4.37 billion in foreign investment last year, the Sabah State Assembly announced today.

Deputy Chief Minister Datuk, Dr. Joachim Gunsalam, said this was about 90% of the total value of investments recorded by the state last year, which was 4.86 RM billion through investments from 14 approved manufacturing companies based on records from the Malaysian Investment Development Authority.

Sabah’s Minister of Industrial Development said that when compared to the value of foreign investment for 2020 and 2021, 2021 saw a higher value of foreign investment compared to RM11.5 million the previous year.

“The main contributor to the increase in the value of foreign investments is the South Korean company SK Nexilis, with an investment value of RM4.2 billion. The value of this investment is the largest value of foreign investments received by Sabah so far.

“The success of the arrival of investors from South Korea is the result of my ministry’s initiative to facilitate the company’s investment process,” he said when closing the debate. on the political speech of Yang di-Pertua Negeri Tun Juhar Mahiruddin for his ministry here today.

Joachim said his department formed a special task force to coordinate impact investments comprising more than 26 state and federal government agencies to expedite the necessary approval process within seven months from talks to construction of factory.

Building on the success of the special task force, he said, his ministry continued the agency’s collaboration to facilitate the process of high-impact investment from China, which manufactures solar panels in the industrial park. from Kota Kinabalu.

Joachim said they will also implement several initiatives to provide a conducive investment climate for foreign and domestic investors, such as granting reductions on tax rates and land rental payments; impose competitive tariffs on the use of electricity, gas and water.

Meanwhile, Joachim said Sabah’s Entrepreneur Transformation Program will continue to help new entrepreneurs with products and potential by providing assistance in terms of new designs including logos, packaging printing , nutritional content and barcodes.

He said the program would help new entrepreneurs to market their products in local supermarkets, and this year a total of 50 entrepreneurs would be helped and the return value of the program was estimated at RM5 million.

He said the marketing program in Pasaraya Bataras and Kedai Mesra Petronas would also be continued this year to market the products of small and medium entrepreneurs in Sabah to local supermarkets following the positive impact on improving the economy of the group.

“Last year’s turnover reached RM4.2 million. The collaboration with Petronas Dagangan Bhd also resulted in total sales of RM344,311. The target of the Sabah SME product marketing program in the local market this year is RM5 million,” he said.

He said they would also implement a marketing program to Peninsular Malaysia as part of a long-term plan to develop local products.

Currently, Sabah’s Department of Industrial Development and Research is collaborating with Segi Fresh, a local supermarket with 56 outlets across Selangor and Perak, and it will be implemented next May, he said. — Bernama