Invest Sabah is stepping up efforts
Published on: Thursday, May 09, 2024
By: Sherell Jeffrey
Firdausi said Invest Sabah Berhad’s close engagement with Jiangxi was facilitated by the State’s Industrial Development and Entrepreneurship Minister, Datuk Phoong Jin Zhe, who has fostered strong ties with top officials in the Chinese province.
Kota Kinabalu: Government-linked company, Invest Sabah Berhad, is revving up its efforts to drive economic growth and attract quality investments to Sabah aligned with the Sabah Maju Jaya plan.
Its recent achievement includes collaborating with the State Industrial Development and Entrepreneurship Ministry, Sabah Young Business and Industry Leaders Network (Sybil) and China’s Jiangxi.
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The partnership aims to leverage Jiangxi’s booming manufacturing sector and capitalize on its impressive GDP growth, which ranks first among all Chinese provinces.
“We want to attract investments that can drive economic transformation in Sabah,” said Invest Sabah Berhad Chief Executive Officer Dr. Firdausi Suffian.
He said the collaboration comes as Malaysia and China celebrate 50 years of diplomatic ties, further strengthening the longstanding economic and cultural relations between the two nations.
“Jiangxi’s robust manufacturing sector and impressive economic performance make it an ideal partner for achieving our goals,” he said when met at the recent Jiangxi China – Sabah Malaysia Business Forum 2024 held at Shangri-La Tanjung Aru Resort and Spa, here.
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The forum was organised by the Sabah Industrial Development and Entrepreneurship Ministry in collaboration with Sybil and Invest Sabah Berhad.
Established in 2020, Invest Sabah Berhad serves as a one-stop centre to facilitate investments and drive structural changes aligned with the State’s Sabah Maju Jaya development plan.
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The agency’s primary objective is to create a favourable investment climate, attract quality investments and support the private sector as an engine of growth.
Firdausi said Invest Sabah Berhad’s close engagement with Jiangxi was facilitated by the State’s Industrial Development and Entrepreneurship Minister, Datuk Phoong Jin Zhe, who has fostered strong ties with top officials in the Chinese province.
“The focus sectors for the collaboration encompass agriculture, manufacturing, tourism, green energy, mining, infrastructure, pharmaceuticals and medical industries.
“These sectors align with Sabah’s economic priorities and offer significant potential for growth and development,” said Firdausi.
Key organizations from Jiangxi participating in the collaboration include the Jiangxi Enterprise Association of Outward Investment and Economic Cooperation, Jiangxi Province Furniture Association, Jiangxi Environmental Engineering Vocational College, Tourism Technology Group and Jiangxi Free Kingdom Furniture Co. Ltd.
Several Memorandum of Understandings were recently inked here between Sabah companies and China companies from Jiangxi following the business forum.
Firdausi said the expected benefits for Sabah from this partnership are multifaceted, including increased business investments, job opportunities, technological advancements, knowledge transfer, and expanded exports.
While no specific timeline has been set, Invest Sabah Berhad aims to seal deals with some of the Jiangxi companies this year to maintain the momentum of attracting investments and achieve Sabah’s target GDP growth of four per cent and above.
Crucially, the collaboration also supports local businesses and entrepreneurs in Sabah.
“Invest Sabah Berhad has facilitated the participation of 61 local companies from various sectors to network and explore potential joint ventures, knowledge sharing and technology transfer opportunities with their Chinese counterparts,” said Firdausi.
“We have to put faith in our young entrepreneurs. This collaboration presents a great opportunity for them to learn quickly, expand their businesses and contribute to Sabah’s economic transformation.
“With the backing of the State Government and the strong commitment from both sides, this strategic partnership between Sabah and Jiangxi province is poised to unlock new avenues for economic growth, investment, and development in Sabah,” he said.
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