Focus on services, manufacturing sectors

Date:

KUCHING: Sarawak should focus more on the services and manufacturing sectors while maintaining its resource sector towards diversifying its economy.

Underlining Sarawak’s high dependence on natural resources, Assoc Prof Dr Puah Chin Hong, chief executive officer (CEO) of Universiti Malaysia Sarawak (Unimas) Business School, noted that agriculture sector contributed about 12 percent to the state’s gross domestic product (GDP) last year while the mining and quarrying sector contributed about 22 percent.

“Looking at the experience of developed countries, in general, their services sector contributes about 60 percent of even more to their GDP,” he said during a webinar on ‘State Budget Talk’ organised by Institute of Management Sarawak (MASA) via Zoom and Facebook Live on Saturday (Sept 4).

However, he said that the services sector in Sarawak currently contributed only about 34 to 35 percent to the state’s GDP in the last few years.

“The multiplying effect of the services sector is quite great, and this can help to boost the whole economy,” he said.

He noted that Sarawak’s Post Covid-19 Development Strategy (PCDS) 2030 highlighted six main economic sectors with seven enablers.

“The tourism, services, and manufacturing sectors are among the key sectors highlighted by the state government, which is very good if we want to achieve developed state status,” he said.

Elaborating further on diversification, Puah said this generally referred to two important dimensions of economic diversification.

“First is trade diversification involving export and import activities. This involves exporting new or better products to new markets.

“The other dimension is diversification in domestic production. This emphasises on services sector development and also import

substitution industry. If the local industry can produce something that we previously imported, of course it will diversify the domestic industry and create jobs.” 

Onus also on public to curb drug menace

SERIAN: People have little choice but be a little nosy when it comes to drug activities in the community. They should not shrug and look...

Share post:

Our Opinion

More like this
Related

Housewife, businessman both RM10K poorer in phishing and moneylending scam

SIBU: A housewife lost RM10,600 from her bank account...

Three arrested for drink driving in Sibu

SIBU: Police have arrested three suspects during a traffic...

Political stability boon to digital driven development: Premier

By Goh Pei Pei & Alvedtekoster Anyap KUCHING: Premier Datuk...

‘Apply bowling rhythm, technique in work environment’

KUCHING: Bowling is all about the rhythm and technique...

JaPen on statewide convoy to celebrate National Month

KUCHING: The Kembara Merdeka Keluarga Malaysia 2022 (KMKM2022) convoy...

Outreach to highlight nutrition among children

MIRI: An outreach programme to highlight the importance of...

Hero’s welcome for esports gold medallist

SIBU: Esports gold medallist Nadrah Saufi returned home to...

Premier to deliver keynote on hydrogen economy in Japan

KUCHING: Premier Datuk Patinggi Tan Sri Abang Johari Tun...

Understanding rituals of the Ghost Festival

By Natasha Jee & Alexandra Lorna It’s not just all...

The thankless job of garbage collectors

Time to change the mindsets of the people HAVE we...

Close cooperation to preserve Bung Bratak’s flora and fauna

SIBU: The Bung Bratak Heritage Association (BBHA) is working...

Lodge school raises money for children’s cancer society

KUCHING: Lodge International School raised more than RM36,000 for...