Sabah Promotes Blue Economy through Blue Financing Initiative with Maybank

10 November 2025

KOTA KINABALU: Sabah has achieved another significant milestone in sustainable economic development, as the State Government signed a Memorandum of Understanding (MoU) on Blue Financing with Maybank Group Global Banking. This partnership aims to strengthen the implementation of the Blue Economy agenda within the state.

The signing ceremony, witnessed by Chief Minister Datuk Seri Panglima Hajiji Noor, was held at the Banquet Hall, Menara Kinabalu, on Monday. It signifies the State Government’s commitment to positioning Sabah as a regional leader in marine and ocean-based economic development.

According to Hajiji, the MoU marks an important step in introducing Sustainable Blue Economy Financing, which will facilitate access to financial facilities for projects, research, and companies that deliver positive economic and environmental impacts, including micro, small, and medium enterprises (MSMEs).

“Through this collaboration, Maybank will not only provide financial services but also offer advisory support, monitoring, and industry networking to assist the realisation of Blue Economy projects in Sabah,” he said.

He added that blue financing acts as a catalyst for transforming the Blue Economy through the application of advanced technologies, the development of research and development (R&D) hubs, the creation of intellectual property (IP), job creation, and enhanced economic competitiveness for the state.

Hajiji highlighted that Sabah, with its 2,383-kilometre coastline and extensive marine areas, possesses one of the highest potentials for developing a sea-based economy in Malaysia.

“However, this significant potential has not been fully exploited in the past. Therefore, the Sabah Blue Economy Policy was introduced to diversify the state’s economic structure and promote sustainable, inclusive development,” he explained.

He emphasised that the strategic partnership with Maybank will assist in transforming Sabah into a progressive and sustainable Blue Economy hub, delivering tangible benefits to local communities and coastal populations through increased economic activity and employment opportunities.

To further bolster policy implementation, Hajiji announced that the State Government established the Sabah Blue Economy Council (MEBS) on June 16. This council serves as the primary platform for coordinating Blue Economy policies and strategies.

He also mentioned that the establishment of MEBS underscores the government’s strong commitment to harnessing the state’s marine and ocean resources in a structured, integrated, and high-impact manner, in line with the aspirations of the Sabah Maju Jaya (SMJ) Development Plan.

Hajiji further highlighted the success of the Memorandum of Agreement (MoA) between Kota Kinabalu City Hall (DBKK) and Alpha Ocean Resources Berhad (AORB) to develop an EU-standard port dedicated to tuna and deep-sea fish landings—an important step in enhancing the value-added potential of Sabah’s fisheries industry.

Additionally, he announced that the Blue Economy Industrial Park in Kudat would serve as a catalyst for attracting investments in marine technology, renewable energy, and high-value seafood processing.

He also praised the success of the Sabah International Blue Economy Conference (SIBEC) 2024, which drew over 4,000 participants from both local and international sectors, demonstrating Sabah’s growing recognition on the global stage in Blue Economy development.

Hajiji expressed his gratitude to Maybank for their trust and commitment in realising the Blue Financing initiative in Sabah.

“I urge young entrepreneurs and industry players to join hands with the State Government in advancing this agenda. Let Blue Financing be the catalyst for Sabah’s Blue Economy transformation, ensuring a prosperous future for generations to come,” he said.