STIDC to venture into investment too

Tengah affixing his signature on the STIDC strategy road map.
Tengah affixing his signature on the STIDC strategy road map.

KUCHING: Sarawak Timber Industry Development Corporation (STIDC) is to spearhead the development of timber industry in Sarawak, said Deputy Chief Minister Datuk Amar Awang Tengah Ali Hasan at the STIDC monthly staff assembly yesterday.

“Besides, STIDC will also venture into investment and for that it has set up Pusaka Capital Sdn Bhd as its investment arm. We are also in the process of consolidating some of the non-performing subsidiary companies to enable us to be more focus on the feasible and profitable sectors.

“In this regard, Harwood Sdn Bhd should expand its core business especially in timber related activities,” said Tengah who is also Industrial and Entrepreneur Development Minister and Second Minister of Urban Development and Natural Resources.

Tengah also revealed that STIDC has also won various awards including Sarawak Federal Secretary Quality Award, Key Focus Activity (KFA) Award, 5-Star Award for Accountability Index, ISO 9001 Certification and others.

“To evolve, the staff must be able to make good planning and capitalise on opportunities and potentials that are in line with developments in the state.

“We cannot rely entirely on premium timber to increase our revenue. We must explore new areas that have more viable potentials. That is why Pusaka Capital has been involved in real estate, petrochemical industry and others.

“This should be the driving force for us to succeed in other areas. STIDC has also been the implementing agency for several government projects such as road construction, telecommunications, Tanjung Manis Airport, housing, ports and others.

“In addition, we must also increase the value of our timber products such as furniture which have a wider market which is estimated at USD120 billion,” said Tengah who is also STIDC Board of Management chairman.

He also pointed out that the government has also decided that all long-term timber licence holders were required to obtain forest certification by 2022.

“At the same time, we have to accelerate efforts of our forest plantation/industrial forest programme.

“The halal industry sectors such as aquaculture, livestock, agricultural products, food processing and others also have great potentials which are estimated at USD3 trillion.

“We have identified 120,000 hectares in Tanjung Manis which has been recognised as Halal Malaysia (Halmas) by the federal government. So far, we have attracted RM1.3 billion in investments from both in and outside the country.

“This clearly shows that the potential for us to be involved in various economic sectors is so vast. Therefore, we have decided to rebrand Tanjung Manis as Tanjung Manis Economic Growth Area (Tmega),” he explained.

Tengah also reminded STIDC employees and its subsidiaries to continue to carry out their duties with commitment, responsibility, integrity and working as a team.