Sarawak’s contribution to gdp may breach 10 pct

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KUALA LUMPUR: Sarawak’s contribution to Malaysia’s gross domestic product (GDP) will likely breach 10 per cent in the near future, driven by the potential of the Sarawak Corridor of Renewable Energy (SCORE).

K & N Kenanga Holdings Bhd Group Managing Director Chay Wai Leong said it would also become one of the top three states in terms of GDP per capita in the same period.

“We expect to be more active in that region in the coming months,” he said at a conference, the “Sarawak Growth Story”, here on Thursday.

For a start, the group will establish a dedicated investment banking team based in Kuching, to provide on the ground services to clients in Sabah and Sarawak. Chay said the group was committed to Sarawak’s growth and development.

“Part of the growth agenda for this year, is to further deepen our investment banking foothold in Sabah and Sarawak,” he added.

Meanwhile, the Economic Advisor of the Sarawak State Planning Unit, Chang Ngee Hui said that the state’s GDP is expected to expand
five-fold by 2030, with RM200 billion worth of planned investments from the private sector under SCORE. — Bernama