SARAWAK recorded a commendable total investment of RM16.7 billion in the third quarter of 2023, marking a significant milestone in the region’s economic development.
Deputy Minister of International Trade, Industry, and Investment, Datuk Malcolm Mussen Lamoh said that out of this impressive figure, RM4.8 billion stems from foreign direct investment (FDI).
He added that in the first three quarters of 2023, the government approved a total domestic direct investment (DDI) of RM11.9 billion.
The sectors that attracted substantial DDI include mining (RM2.08 billion), manufacturing (RM7.59 billion), and real estate (RM1.45 billion).
Meanwhile, to coordinate and expedite infrastructure development in the mid-Rajang region, Mussen said the state government established the Mid-Rajang Regional Development Agency.
“The government has recently established Mid-Rajang Regional Development Agency to coordinate and accelerate the infrastructure development in the mid-Rajang region, including Tamin to be an attractive investment destination,” he said.
He was responding to Tamin assemblyman Christopher Gira during Q&A session in the State Legislative Assembly (DUN) today.
In a concerted effort to streamline trade and investment processes, Mussen said the government introduced InvestSarawak, a one-stop agency dedicated to promoting and facilitating business activities.
He said the initiative is designed to enhance the ease of doing business in Sarawak, further bolstering the region’s attractiveness for potential investors.
He reassured that the government will continue to organise investment promotions and stakeholder engagement programmes to attract FDI and DDI.
In addition to the tax incentives provided by the federal government, including pioneer status, investment tax allowance and reinvestment allowance, he asserted that the Sarawak government offers further incentives to prospective investors.
“These include the option to apply for a five-year land premium payment, a 30 per cent rebate on land premium for companies completing operational projects within three, five or seven years, depending on project scale, and competitive electricity and water tariffs,” he added.
