The Sarawak economy is projected to grow at five percent in 2013, underpinned by stronger exports, an increase in investments from the Sarawak Corridor of Renewable Energy (Score), and

implementation of projects under the Tenth Malaysia Plan (10MP).

In 2012, Sarawak’s economy grew at 4.5 percent despite challenges in the external environment, with growth driven by strong domestic demand from both the private and public sectors, as seen in the robust industrial development in the state.

Industrial Development Minister Awang Tengah Ali Hasan said from January to March 2013, Sarawak managed to attract the second highest investments totalling RM3.04 billion after Johor (RM5.65 billion) and ahead of Penang (RM850 million) and Selangor (RM618 million).

The investments were mainly in the basic metal industry.

“In addition, the state Industrial Coordination Committee (ICC) also approved 13 projects totalling RM25.15 million in the first quarter of 2013, mainly in the wood-based industry and transport equipment.

“Of the RM3.07 billion approved in the first quarter, RM2.89 billion or 94.2 percent came from foreign investments, while RM180 million or 5.8 percent was from domestic investments,” he said, when winding up debate pertaining to his ministry at the state legislative assembly sitting in Kuching today.     

Awang Tengah said the major sources of foreign investments came from South Korea with an investment of RM1.5 billion (silicon metal) and RM1.4 billion from Japan (titanium sponge).

“These projects are expected to create about 1,100 job opportunities in the state,” he added.

Sarawak registered a total investment of RM4.82 billion in 2012. Of this figure, RM3.75 billion or 78 percent was from foreign investments, and the remaining RM1.07 billion from domestic investments.

These investments generated about 3,000 employment opportunities in the state.

- Bernama