KUCHING: Sarawak is making significant strides in sustainability, further strengthening the state position as an attractive investment location within the heart of Southeast Asia.
Deputy Premier Datuk Amar Awang Tengah Ali Hasan said that the state growth is driven by strategic initiatives and commitment to sustainable development.
“Our stable political climate and transparent governance give confidence to investors wishing to establish and grow their ventures in Sarawak.
“Sarawak has clear legal frameworks, policies and incentives in place that improve the ease of doing business while providing a conducive and business-friendly environment that support investments,” he said.
He said this in his speech during the launching of the Sarawak Export Day 2024 at Imperial Hotel here on Friday.
He also said Sarawak’s embrace of sustainable development leverages on green energy as a key economic driver.
“Sarawak’s abundant green hydropower presents opportunities for entrepreneurs to produce low-carbon and green products that are growing in global demand.
“Utilising green energy can make products more competitive in low-carbon export markets through regulatory compliance in markets like Europe, enhances brand value, reduces costs, and provides a competitive edge, leading to increased market share and customer loyalty,” he said.
On a related note, Awang Tengah who is also the Minister for International Trade, Industry and Investment, said that Sarawak recorded total trade of RM193.4 billion in 2023 where RM130.8 billion were exports and RM62.6 billion were imports.
“The main traded items in 2023 were mineral fuels, palm oil and electrical and electronic products, while major imports were intermediate, consumption and capital goods.
“The major exports from Sarawak in 2023 were mining totalling RM76.9 billion, manufacturing totalling RM35.8 billion and agriculture totalling RM17.4 billion.
“Some of the major contributors include liquefied natural gas (LNG), crude petroleum and condensates worth RM76.9 billion, metals, wood, chemicals and electrical and electronic products worth RM31.4 billion, and palm oil and palm-based products worth RM16 billion,” he explained.
He said for the halal market, it is projected to grow to over USD4.5 trillion by 2030, which presents substantial opportunities for entrepreneurs, especially in food, cosmetics, pharmaceuticals, and finance.
“Additionally, the increasing demand for halal-certified products in non-Muslim-majority countries highlights the broader appeal of halal products.
“By understanding and meeting the requirements for halal certification, entrepreneurs can tap into this lucrative market, fostering business growth and contributing to the global halal economy,” he said.
