Challenge for Sabah is sustainable growth
Published on: Saturday, March 14, 2020
By: Larry Ralon
Musa
Kota Kinabalu: The World Islamic Economic Forum (WIEF) Foundation believes that Sabah is fully committed to developing the State through investment in the right economic sectors.Its Chairman, Tun Musa Hitam, said what was important is to ensure that sufficient and updated information on Government policies, legal and regulatory framework and incentives be provided to potential investors interested to invest in Sabah.
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“As a progressive and dynamic State that is business-friendly and with a commendable track record to its credit, we believe that Sabah is fully committed in developing the State through investments in the right economic sectors.
“Successful investments in any field, given the vast opportunities available, would no doubt be helpful in creating new job opportunities for the people.
“What is important is to ensure that sufficient and updated information on Government policies, legal and regulatory framework and incentives are provided to potential investors interested to invest in Sabah,” he said at the WIEF Foundation’s 2020 Roundtable, which is held for the first time in Malaysia, at the Magellan Sutera here Thursday. His speech was read by WIEF Secretary-General Tan Sri Ahmad Fuzi Abdul Razak.
The former Deputy Prime Minister said MIEF considers holding the event here as indeed special in enabling them to create a platform for global business networking, knowledge exchange and productive discussions on key economic issues of special interest to the Sabah Government.
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“Sabah today is one of Malaysia’s rapidly developing States.
“Its vast and varied resources open up endless opportunities for development in all fields. It was with this in mind that we have chosen “Economic Rejuvenation: The Path to Growth” as the theme of the Roundtable,” said Musa.
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He said the challenge for Sabah, just like other states in Malaysia, is to ensure sustainable development in line with the UN Sustainable Development Goals (SDG).
“This means striking the right balance between achieving rapid growth and development with the need to preserve its beautiful landscape and rich forest reserves, currently home to many species of flora and fauna including endangered species like the orang utan, sun bears, clouded leopards, gibbons and proboscis monkeys.
“For any country or State, however, rapid economic development requires a steady flow of investment, both domestic and foreign. But attracting investment is becoming more and more challenging against the backdrop of fierce competition by other countries in the region. And to add to that the current outbreak of Covid-19.
“At the same time, a climate of uncertainty and unpredictable global and regional developments beyond the control of nation States, offer no guarantee that investment targets can be achieved even with the right policies and incentives provided to potential investors.
“There is always the need to review and formulate new strategies, priorities and action plans in addressing these challenges,” he said, adding a new window of opportunities has fortunately emerged on the horizon with Indonesia’s decision to move its capital to East Kalimantan.
He said being close geographically, Sabah is certainly well placed to make a head start in exploring the various business and economic potentials that can be tapped for the long-term benefit of the State.
“Compiling and putting together the necessary information and data on all these would be useful in enabling Sabah to develop an appropriate strategy and to play a proactive role that would best serve its economic interest,” said Musa.
He said MIEF hopes that the focus given to the four components mentioned at the Roundtable would not only be informative to participants but provide the necessary triggers to promote a more robust and productive discussion.
“It is also our hope to see, at the end of the day, something productive that would bring about a win-win outcome for the benefit of all participants attending the Roundtable,” he said, believing the opportunity provided to the participants to engage in the Business Networking Breakfast and to undertake a Business Site Tour would provide a more comprehensive understanding of the opportunities and facilities available for investment in Sabah.
The roundtable features four interesting sessions, namely Forging Sustainable Development; Impacting the Future, Promoting Investments During Challenging Times; Indonesia’s Shifting Capital: Opportunities for Borneo; and Sabah Focus – Investment Opportunities in Sabah. All the sessions will feature local and international subject matter experts as panellists and keynote speakers.
WIEF Foundation, which was established in 2006 as the organising body of the annual World Islamic Economic Forum, had previously held its Roundtable in Kuwait, Russia, Indonesia, South Africa, Spain, UK, Turkey, Japan, South Korea, India and Bangladesh.Stay up-to-date by following Daily Express’s Telegram channel.
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