Investments and job opportunities for sabahans

24 November 2023

By Wartawan Nabalu News

KOTA KINABALU: A new foreign investor led by Singapore-based company, Esteel Enterprise Sabah Sdn Bhd (ESTEEL Sabah) has invested in green steel project at Sipitang Oil and Gas Industrial Park (SOGIP). The value of the investment reached RM19.8 billion through three phases and is expected to create a total of 10,000 job opportunities for Sabahans.

This is due to the State Government’s persistent efforts to attract investment to Sabah, Finance Minister Datuk Masidi Manjun said this in his Sabah State Budget Speech 2024 at the State Legislative Assembly.

For domestic investment, this year, Borneo Cement (Sabah) Sdn Bhd will lead the development of an integrated clinker and cement plant in the Tongod district with an estimated investment of RM2 billion, to be carried out in two investment phases. This investment will create 1,000 job opportunities as well as enhancing the status of Tongod District as a viable district, he said.

The State Government has allocated a total of RM38 million to facilitate the implementation of selected investments and projects in Sabah. This allocation has been distributed among several key organisations, namely Sabah Economic Development Corporation (SEDCO), KKIP Sdn. Bhd., POIC Sabah Sdn. Bhd., and Sabah Oil and Gas Development Corporation (SOGDC).

Out of the total allocation, RM28.79 million has been specifically earmarked for infrastructure development projects in KKIP, SOGIP, and Palm Oil Industrial Cluster (POIC) Lahad Datu. The objective of this allocation is to enhance the industrial parks' attractiveness to potential investors, thereby promoting investment in Sabah.

“Besides supporting the initiative to attract foreign and domestic investments to Sabah, this Budget also supports to increase the capacity of micro-entrepreneurs and local businesses, enabling them to be competitive to improve the people’s standard of living through State programmes,” Masidi said.

According to him, Small and Medium Industries (SME) and Entrepreneurship development is the main catalyst for the manufacturing industry. Various entrepreneurial programmes are implemented to spur the development of SME through capacity building, resilience and competitiveness of Sabah SME entrepreneurs.

“The collaboration between the State Government with Bataras Hypermarket and Kedai Mesra Petronas will be continued and intensified to market Sabah SME products. This effort can provide opportunities for SME entrepreneurs to increase their sales. We must realise that numerous local products have the potential to enter the global market if provided with opportunities and further exploration.”

In this regard, the State Government will continue to send participants among local entrepreneurs to take part in international expos, such as Gulfood Dubai in United Arab Emirates and World's Food Expo (WOFEX) in Manila, Philippines. The participation of the entrepreneurs in these expos will offer exposure and experience, allowing them to learn effective product marketing and ultimately enter the global market.