SABAH’S APPEAL
Sabah remains an attractive investment destination. It is a gateway to the ASEAN region. Its geographic location of midway between Australia and China means that Sabah is centrally located within the ASEAN region. Its combination of access to raw materials, a strategic geographic location, a supportive and proactive government, are key advantages that it offers to potential investors.
Malaysian Investment Development Authority (MIDA) reported, in 2018 Sabah implemented a total of 769 manufacturing projects with investments worth RM19.8 billion, that have created over 90,000 jobs. Yet, Sabah lags in key socio-economic indicators.
KEY INVESTMENT AREAS
Its key area of investment with immense potential is the palm oil industry. It was estimated that the state palm oil and palm biomass available in Sabah can generate an equivalent RM200 billion worth of revenue every year.
The industry has possibly reached a stage where the technology as well as markets are ready to use palm oil and biomass to produce products previously produced from fossil fuels. The palm oil industry can fit into current demand of products from sources which are sustainable and biodegradable. While crude palm oil is well-known, less well-known are the downstream business opportunities that oil palm industry offers, including in the palm-based biomass sector. These palm-based resources offer a range of value-adding downstream opportunities for the food-based sector such as shortening, confectionary, ice cream and bakery fats.
This story is from the June 2020 edition of Business Today Malaysia.
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This story is from the June 2020 edition of Business Today Malaysia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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