Sabah’s No 3 investment spot a credit to GRS govt
Published on: Friday, February 04, 2022
By: David Thien
Kota Kinabalu: Sabah is having serious talks with potential investors on projects worth up to RM25 billion that will create new industries, progress up the value chain, and create more jobs in fields like tourism projects, green diesel and hydrogen, infrastructure investments, solar panel, photovoltaic glass, palm oil downstream processing, silicon-based products, and in agriculture from herbs to rice cultivation, high value tropical food and fruits like durian.This came about as a result of the adoption of investor-friendly policies on economic development under the leadership of Chief Minister Datuk Seri Panglima Hajiji Noor with the formation of Sabah Economic Advisory Council (SEAC).
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“Chief Minister Datuk Seri Panglima Hajiji’s unity initiatives under Sabah Maju Jaya (SMJ) vision encompassing Sabah unity, inclusiveness, transparency, policies based on best practices, are essential pre-conditions for resetting Sabah’s economy to achieve long term economic growth.”
This was expressed by SEAC member and economist Datuk John Lo (pic) at the Sabah International Business and Economic Summit (SIBES) in his presentation paper entitled: “Beyond the road to recovery: The outlook on future of Sabah’s Economy” recently.
“This adoption of investor friendly policies on economic development has begun to pay dividends in 2021. Sabah has jumped to 3rd position among states in Malaysia in attracting RM4.8 billion investments so far.
“This is impressive progress in resetting the economy in 2021, considering Hajiji has only been sworn in on Sept 29, 2020, amid the global economic uncertainties caused by Covid-19,” Lo said, citing as an example, the Sabah’s Natural Gas Master Plan that will use more Sabah gas in Sabah for industrialisation instead of see it piped off to Bintulu.
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“Sabah’s two major economic problems are past poor economic management, with the state being richest in resources but having the worst poverty, highest unemployment, lowest in household income, severe revenue leakages.”
Lo also expressed regret that Sabahans have lost control of all major economic sectors, and he strongly recommended deepening Sabah/China economic relationship to draw potential investors for Sabah’s downstream processing drive. He said that Sabah Government will introduce more investor friendly policies and opportunities in 2022.
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Lo lauded Hajiji as a Chief Minister for all Sabahans, irrespective of race or religion with mutual respect for all religions, for example, the rejection of PAS’ proposal to impose restrictions on non-Islamic religions which is a reaffirmation that West Malaysian racial and religious bigotries are unwelcome in Sabah.
He expressed appreciation for Hajiji’s reach-out to opposition elected representatives with budget allocation for all constituencies for development, as well as his encouragement for all elected representatives to transform themselves as economic leaders in their constituencies.
Lo said that Sabah is the first state to adopt an innovative approach of appointing key apolitical eminent Sabahans to produce objective, professional, and apolitical solutions to Sabah’s problems.
Among the personalities mentioned by Lo was Tan Sri David Chu, chairman of Sabah Economic Advisory Council (SEAC), Tan Sri David Wong, retired Chief Justice of Sabah and Sarawak; Datuk Brendon Soh, Roger Chin, President of SLS, and other lawyers; Datuk Seri Lim Haw Kuang, former chairman of Shell companies in China among others in the oil and gas industry; Datuk Sam Mannan, former Chief Conservator of Forest, now Deputy Director of Yayasan Sabah and advisor to the Sabah Chief Minister on forestry; Tan Sri Andrew Liew, President of Sabah United Chinese Chambers of commerce; Tan Sri Goh Tian Chuan, President of Huazong Malaysia; Datuk Ismail Abdullah, CEO of Tanjung Aru Eco-Development; Datuk Adeline Leong, Chair of Institute of Development Studies Sabah; Datuk Pengiran Hassanel and Datuk Vincent Pung, Chairman, and Managing Director respectively of Sabah Development Bank; and Prof Datuk Kasim, Dean of the UMS Faculty of Business, Economics and Accountancy, besides others.
With political stability, Sabah’s potential is now very impressive to investors, who are now more confident to invest in Sabah, Lo opined at SIBES 2022 themed: “Unlocking Sabah’s Potential, Unleashing Business Opportunities”.
With the formation of Invest Sabah Berhad, positioning oil and gas resources better under Collaborative Commercial Agreement with Petronas that include an LNG plant, setting up of Sabah Mineral Management Sdn Bhd for mining and downstream processing of gold, copper, bauxite, coking coal, nickel, limestone, and the promotion of innovative investor friendly policies to spur economic development, an economic game changer era has started when compared to previous system with its over dependence on government funding, when insufficient funding and poor management coupled with political or personality driven decision making, hampered progress
The days when policies lacked clarity, suffered poor implementation with massive leakages are a thing of the past, now superseded by investor friendly policies that can attract genuine investors, able to expedite, expand economic growth, and create more jobs, Lo stressed.
The Sabah International Business and Economic Summit (SIBES) 2022 held at the Sabah International Convention Centre was organised by Sabah State Government, Strategic Institute for Asia Pacific, Institute for Development Studies Sabah, and the Malaysian International Chamber of Commerce and Industry.
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