State receives most foreign investment in Malaysia

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KUCHING: Sarawak has become the darling of foreign investors in Malaysia, recording RM7.5 billion in foreign investment for the first seven months of this year – the highest in the country.

Johor was second with RM6 billion in foreign investment.

Minister of Industrial Development Datuk Amar Awang Tengah Ali Hasan said the majority of the investments went to the Sarawak Corridor of Renewable Energy (SCORE).

He said in terms of proposed capital investment, the state attracted RM7.78 billion, coming in after Johor’s RM18.66 billion.

“Over the years, Sarawak has become a favourite destination for investment into Malaysia. Based on Mida’s (Malaysian Investment Development Authority) records, the state has been among the top four destinations for foreign and domestic investment since 2008,” he said on Friday at the Sarawak Chamber of Commerce and Industry’s (SCCI) 63rd anniversary dinner.

Awang Tengah added that total investment in SCORE has reached RM30.445 billion.

He pointed out that the government recognises the important role of small and medium entrepreneurs (SMEs) in contributing towards the nation’s economy, highlighting that 98 per cent of business establishments were SMEs, which accounted for 33 per cent of the country’s gross domestic product (GDP), 57 per cent employment and 19 per cent of exports.

In view of this, he urged SCCI to take the leading role in the state’s business community and work closely with the government.

“The private sector as the engine of growth must be able to maximise the state’s comparative advantages and leverage on the latest technology and innovation through the various financial and non-financial assistance offered by the government to remain competitive,” he said.

He added that the state government has always been business-friendly and would continue to work with stakeholders to facilitate the growth of local industries.