Ministry is committed to attracting high-impact investments: Phoong
Published on: Wednesday, May 24, 2023
Phoong (right) chats with Assistant Minister of Works Datuk Robert Tawik (middle) and State Finance Assistant Minister Datuk Julita Mojungki (left) at the State legislative Assembly on Tuesday.
Kota Kinabalu: The State Industrial Development and Entrepreneurship Ministry is committed to attracting high-impact investments to Sabah to create job opportunities and develop the economy.Its Minister Phoong Jin Zhe said the recent investment performance has been very encouraging.
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“The total investment received by the State in 2022 is RM11.5 billion in various sectors,” he said at the State Legislative Assembly sitting, Tuesday.
“For the manufacturing sector alone, the total investment received is RM8.38 billion, based on information published by the Malaysian Investment Development Board (Mida).
“The value of this investment has increased by RM3.52 billion compared to 2021, with an investment value of RM4.86 billion.”
He said this in response to a question by Sulabayan Assemblyman Datuk Jaujan Sambakong.
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Last year, Phoong said, Sabah was the fifth highest state in investment in the manufacturing sector.
“In 2022, the number of manufacturing projects approved in Sabah is 23. Among the types of investments approved are solar glass manufacturing, silica sand processing, petroleum oil refineries, food manufacturing, furniture manufacturing, oleochemical, building materials manufacturing and so on.
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“The locations for the domestic and foreign investments are in the Kota Kinabalu Industrial Park (KKIP), Sipitang Oil and Gas Industrial Park (Sogip), Kudat, Tawau, Sandakan, Kota Kinabalu and Lahad Datu,” he said.
He added that several investments have been received by the State, which the Ministry is coordinating, with an estimated investment value of RM20.35 billion.
“Domestic and foreign investments being coordinated have yet to be listed in the list of manufacturing projects Mida has approved while the investors are preparing complete documentation for the Federal Manufacturing License (FML) application.
“The coordinated investment includes a high-impact investment from a Singapore-based iron manufacturing giant, Esteel Enterprise Sabah Sdn Bhd, with an estimated investment value of RM19.8 billion through three investment phases.”
He said although some investments that have been approved by the State Government and coordinated by the Ministry have not yet received the FML, nevertheless, the investor has expressed a high commitment to investing in Sabah by signing a land lease agreement at Sogip on Nov 30, 2022.
“Overall, it is estimated that the State has received a total of RM33 billion worth of investment since the end of 2020.
”This achievement is a very proud success despite facing the challenges of Covid-19 around the world.
“The Ministry will increase efforts to attract more investments to the State for the growth of the industrial sector and create more job opportunities for the people,” he said.
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