S'wak gets RM9.52b FDIs for manufacturing projects up to October
Published on: Thursday, December 09, 2004
Kuching: Sarawak is moving ahead with the inflow of RM9.52 billion of foreign direct investments (FDIs) for manufacturing projects approved by the state government up to October this year, deputy Chief Minister, Tan Sri Dr George Chan said Wednesday.Dr Chan, who is also Sarawak Industrial Development Minister, said the sources of FDIs were mainly from Canada, accounting for RM8.2 billion or 86.3 percent and the remainder from Hong Kong, Taiwan, Korea, New Zealand and other countries."Sarawak is doing quite well, especially in the hi-tech industry despite the high transportation cost as compared to mainland Malaysia," he said when replying to Julaihi Narawi (BN-Sebuyau) at the sitting of the state assembly here, Wednesday.ADVERTISEMENT He said RM8.2 billion or 86.3 percent of the FDIs were for the proposed aluminium shelter plant to be located at Similajau in Bintulu.This was followed by wood-based and rattan products, with proposed investment of RM1.3 billion and food products amounting to RM20.9 million, he said.On FDI projection in the next 10 years, he said projected inflows had always been difficult, especially when the initiatives were private sector driven and depended very much on external factors.He said the Federal Government was currently in the process of preparing the 15-year Industrial Masterplan 3 (IMP3) to commence from 2006-2020 to replace the IMP2, a 10-year plan from 1996-2005.ADVERTISEMENT Using the national plan as a benchmark, he said Sarawak, like other states, would then be guided to reconfigure its state's policies and strategies to be in line with the national thrusts and directions.Stay up-to-date by following Daily Express’s Telegram channel.
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The state government would continue to aggressively promote Sarawak as a conducive and profitable business centre for the investors by providing adequate physical infrastructures and support facilities at reasonable cost, Dr Chan said.
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"We will continue to seek better incentives packages from the Federal Government for investors in Sarawak and work in tandem with federal agencies to encourage domestic investments to counter and cushion off the effect of dwindling global FDIs," he said.-Bernama