KOTA KINABALU, May 4 — Industrial Development and Entrepreneurship Minister Phoong Jin Zhe is looking forward to more allocation by the Federal Government to assist the developing economy in Sabah.
Looking at the final report of Malaysian Investment Development Authority (Mida) for the year 2022, Phoong said Sabah was placed at fifth for manufacturing sector, a huge improvement compared to eighth placing the previous year.
“I have not been able to provide the latest information regarding Sabah GDP for Q1 2023 but indeed last year the economic growth was very positive due to the recovery process post-pandemic.
“But on the manufacturing industry, Sabah managed to climb up to fifth place last year, compared to eighth placing in 2021.
“Manufacturing in Sabah was not very happening in the past years, but lately it became more vibrant because some activities of big factories coming in to Sabah especially the Korean company at KKIP and also solar production company, which made huge impact to bring in more investments.
“Not only mega investments, but small investments are also started coming in, so we will need these big factories to build a new ecosystem so that we can also develop the SMEs,” he said.
Phoong said this to reporters after witnessing the 23rd anniversary celebration of Recipe House Japanese Restaurant at Damai Plaza.
He also revealed that Entrepreneur Development and Cooperative Minister Datuk Ewon Benedick is expected to announce good news this weekend regarding the Federal Government’s assistance to Sabah entrepreneurs. — Borneo Post
