The Ministry of International Trade and Industry (MITI) through the Malaysian Investment Development Board (MIDA) is committed to continuous efforts to attract foreign direct investment (FDI) to Malaysia, including in the state of Sabah, especially for targeted industries. In this regard, MIDA always cooperates strategically with all Investment Agencies at the state and Economic Corridor levels in attracting investment.
For the state of Sabah, MIDA has always collaborated with the Ministry of Industrial Development and Entrepreneurship (MIDE Sabah) and the Sabah Economic Development and Investment Authority (SEDIA) in the Investment and Trade Mission to promote the investment opportunities available in the state of Sabah. Among the new economic sectors with high potential to be developed in Sabah that have been identified as targeted industries under the 12th RMK are:
i. The manufacturing sector is based on green and environmentally friendly technologies such as the hydrogen industry;
i. Resource-based downstream industries are available such as oleochemicals, wood-based modern products, aquaculture processing, gas and petrochemicals, biomass, mineral processing and related products;
iii. Renewable energy industry (Renewable Energy) such as hydro and geothermal energy;
iv. Development of the logistics service sector; and
v. Ecotourism sector.
The state of Sabah recorded an investment of RM11.5 billion in various economic sectors in 2022, involving 89 projects and expected to generate 4,566 total job opportunities. Thus, for the purpose of realising new areas of growth in the state of Sabah, several actions and specific plans have been carried out through the Sabah MIDA Office, among others, as follows:
i. Holding continuous engagement sessions with foreign companies that exist in Sabah to encourage continued additional investment through expansion or diversification projects. This program is in line with the ecosystem approach by leveraging the strength of the industrial ecosystem in the State of Sabah such as the tourism, agriculture, palm oil, wood, petrochemical and oil and gas sectors for industrial development in the state of Sabah; and
i. Cooperate with the Sabah State Government especially (MIDE) and Invest Sabah Berhad (ISB) in creating a Task Force as a one-stop-centre to facilitate foreign investors. The establishment of this Task Force is very effective, especially in reducing bureaucratic constraints to resolve project implementation issues quickly. In 2022, a total of 10 companies have been assisted by the Task Force.
Economic growth for a state can be realised through the entry of foreign investors by creating job opportunities, developing a skilled workforce and increasing the growth of local companies. Therefore, the government will always intensify its efforts to attract foreign investment to Malaysia to ensure that Malaysia remains a preferred destination for investors.
