SARAWAK’s economy is on a path to recovery as it experiences significant improvements in its external trade, according to Deputy Premier cum Second Minister for Finance and Economy, Datuk Amar Douglas Uggah Embas.
During his ministerial winding-up speech at the Sarawak Legislative Assembly (DUN) sitting on today (May 24), Uggah highlighted the projected robust growth of 7.7 per cent in the service sector for 2022, with overall enhancement across all segments of the services industry.
“Furthermore, the services sector is expected to continue its positive trajectory with a growth rate of 6.2 per cent in 2023, driven by the progressive improvement in trade-related activities and the property markets.”
He also discussed the mining sector, estimating a 2.7 per cent expansion in 2022, with a projected increase in growth for 2023, fueled by the Kasawari gas project’s commencement.
“This will contribute to natural gas production due to increased demand from major trading partners like Japan, as well as rising demand from the domestic industrial and petrochemical sector.”
Uggah highlighted the positive growth in palm oil production, with a 4.9 per cent increase in the first month of the year compared to the corresponding period in 2022, with prices averaging at RM3,967 per tonne.
“As the state government accelerates the Post Covid-19 Development Strategy 2030 (PCDS2030), coupled with lower construction material prices and initiatives to enable advance payment for contract work, these factors are expected to propel the construction industry forward this year.
“This is due to the improved performance of the sector in the final quarter of 2022, along with the resolution of the labour shortage issue and the implementation of the Variation of Price (VOP 2.0) under the Bantuan Khas Sarawakku Sayang (BKSS 9.0) initiative.”
