KUALA LUMPUR: Sarawak stands as a beacon of economic opportunity within Southeast Asia, making significant strides towards sustainability. 

According to Sarawak Deputy Premier, Datuk Amar Awang Tengah Ali Hasan, the state’s growth is driven by strategic initiatives and a commitment to sustainable development integral to the Post Covid-19 Development Strategy (PCDS) 2030. 

"Sarawak is a jewel in the crown of Malaysia, bestowed with rich natural resources, biodiversity, and cultural heritage," he said during the MIDA Invest Series-Sarawak 2024 event at the Malaysian Investment Development Authority (MIDA) headquarters here, on Wednesday.

In the event which was to highlight Sarawak to potential investors, the Sarawak Minister for International Trade, Industry and Investment emphasised that the state aims to be a high-income and developed region by 2030 as one of its ambitious goals.

Located on Borneo Island, he said Sarawak provides excellent access to the booming Asian market, comprising about 60 per cent of the world's population. 

This prime geographic position makes Sarawak an ideal gateway to penetrate the broader market in Asia and beyond, said Datuk Amar Awang Tengah. 

He added, the region's landmass of 12.4 million hectares is rich in natural resources, offering numerous investment opportunities in sectors such as manufacturing, agriculture, forestry, tourism, mining, and services.

The Sarawak Deputy Premier also stressed the importance of Sarawak's stable political climate and transparent governance in attracting investors. 

"Our business-friendly environment, clear legal framework, and supportive policies are designed to support investment and improve ease of doing business," he stated.

Meanwhile, he mentioned that Sarawak offers comprehensive incentives such as tax holidays, investment allowances, and competitive electricity and water tariffs. 

"These incentives reflect our commitment to creating a business-friendly environment and fostering sustainable development,” he said. 

At the same time, he said Sarawak aims to become a regional green energy powerhouse by leveraging its 20 GW hydropower potential. 

He explained that the region is exploring innovative ways of harnessing energy through cascading dams, solar, wind, biomass, sustainable fuel, and hydrogen. 

He also highlighted the attractiveness of renewable energy for investors seeking to reduce their carbon footprint.

Sarawak is poised to lead in the emerging hydrogen economy, leveraging its sustainable hydropower, he said. 

“As such the state is also a major player in the Carbon Capture, Utilisation, and Storage (CCUS) industry, supporting low-cost, low-carbon hydrogen production,” he stated. 

Also present at the event were Sarawak Premier, Datuk Patinggi Tan Sri (Dr) Abang Abdul Rahman Zohari Tun Datuk Abang Openg, Minister of Investment, Trade and Industry, Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Sarawak State Secretary, Datuk Amar Mohamad Abu Bakar Marzuki, Sarawak Deputy Minister for International Trade, Industry and Investment, Datuk Dr Malcolm Mussen Lamoh, Sarawak Deputy Minister for Energy and Environmental Sustainability, Datuk Dr Hazland Abang Hipni, Chairman of MIDA, Tan Sri Dato’ Seri Dr Sulaiman Mahbob, and Chief Executive Officer of MIDA, Sikh Shamsul Ibrahim Sikh Abdul Majid. -UKASnews