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Tapping the Blue Economy potential
Published on: Monday, November 13, 2023
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Tapping the Blue Economy potential
Sabah has the longest coastline in Malaysia, with more than 1,000 km for fish farming and other marine products, says the chief minister. (FMT file pic)
CHIEF Minister Datuk Seri Hajiji Noor invited Chinese investors to explore the Blue Economy concept in collaboration with the Sabah Government to develop the food processing sector.

“We will implement this concept that calls for sustainable use of ocean resources for economic development, generate jobs and improve livelihood.

“Sabah has the longest coastline in Malaysia, with more than 1,000km for fish farming and other marine products. There is vast potential in this area for win-win partnerships,” he said.

Leading a trade mission delegation from Sabah to the “Business and Investment Opportunities in Sabah” Global Chinese Economic and Technology Summit (GCET) at the Futian Shangri-La in Shenzhen, China, on Nov 6, Hajiji said the State Government would be organising a Blue Economy International Conference in February next year.

The Chief Minister said Chinese investors should consider the energy sector, encompassing traditional sources like fossil fuels and emerging renewable options like solar and wind energy.

“By investing in the energy sector, you play a pivotal role in ensuring a reliable power supply while contributing to a more sustainable energy future. While oil and gas will provide an important revenue stream for the State, we also welcome investors to explore renewables such as solar and storage technologies, hydro, geothermal and carbon market opportunities in Sabah,” he said.

Hajiji said there are also abundant investment and business opportunities in oil and gas in Sabah.

“This industry has developed rapidly in the last two years because my government has successfully negotiated for greater control of the production and supply of oil and gas with the national oil company, Petronas.

“Sabah’s stake in the oil and gas resources will further increase with more wells coming on stream. 

“There is tremendous potential for further investment and business opportunities in the down-stream manufacturing and support services,” he said.

Hajiji said Chinese investors should also consider investment and business opportunities in developing 5-star hotels, boutique resorts and high-end tourism products and developing Meetings, Incentives, Conferences and Exhibitions (M.I.C.E) business.

“Now that normalcy has returned to the tourism industry, my government has launched a tourism recovery campaign to attract tourists back to Sabah. China is only between three to five hours away from Sabah.

“To date, Sabah is connected to major cities – Beijing, Shanghai, Shenzen, Guangzhou, Hangzhou and Macau, among others in China - with 63 weekly flights and a seating capacity of 11,360. We hope to see more air connectivity to increase visitor arrivals to Sabah,” he said.

He disclosed that the Sabah Government was also actively working on strategies to boost the State’s tourism sector further, such as the development of the Sabah Cultural Park and the introduction of the “Sabah My Second Home” Programme.

Hajiji also personally welcomes investors to discuss the establishment of new industries.

“My government is prepared to look into tailor-made policies for new industries for the right investors,” he said.

Also present were Sabah Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe, Invest Sabah Chairman Tan Sri Anifah Aman, State Secretary Datuk Seri Sr. Safar Untong and Sabah Economic Advisory Council Chairman Tan Sri David Chu.

The GCET Summit was organised by the China Development Institute, Shenzhen (CDI) and the KSI Strategic Institute for Asia Pacific (KSI).

The distinguished world Chinese entrepreneurs’ award is an annual award given out every year at the GCET summit to about 20 outstanding recipients. 

Among them is Shareda President and FIABCI member Datuk Sr. Chua Soon Ping who received the World Environmental Social Governance (ESG) Leadership Impact Award and Penampang-born Prof Dato Sri Dr Mike K.S Chin who received the World Chinese Wellness Entrepreneurship Leadership Award. 

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