Already RM33.64 billion this year
SCORE continues to attract investments due to Sarawak’s political stability, business-friendly policies
KUCHING: The Sarawak Corridor of Renewable Energy (SCORE) has garnered over RM33.64 billion worth of investments so far this year.
“Sarawak’s attractiveness as a preferred investment destination is largely due to our political stability, business-friendly policies, as well as our ability to provide modern infrastructure, competitive power and water tariffs, tax and non-tax incentives as well as a young and skilled workforce that support the growth of industries.
“Malaysia is ranked second in Asean in the ease of doing business by the World Bank Report 2017 and seventh in Asia Pacific region,” said Deputy Chief Minister Datuk Amar Awang Tengah Ali Hasan in his opening keynote address prior to the World Islamic Economic Forum ( WIEF 2017) panel discussion on ‘Investment Opportunity in SCORE’.
“As a result of our ability to provide quality and reliable power at competitive prices, we have so far been able to attract RM33.64 bi l lion worth of investment in SCORE, mainly in energy intensive industry in Samalaju Industrial Park (SIP),” he added.
Awang Tengah, who is also Second Minister of Urban Development and Natural Resources and Minister of Industrial and Entrepreneur Development, said total private and public sector investments in SCORE was more than RM104 billion as at December last year.
In the fi rst nine months of this year, Sarawak has approved RM7.8 billion worth of investments, excluding the proposed RM12.6 billion steel projects and the RM8.4 billion methanol project in Bintulu.
“The existence of t rigger industries in Samalaju has proportioned the state well to develop industrial clusters for these industries.
“For that reason, we are now targeting the value adding and downstream industries to utilise the raw materials from the existing trigger industries, particularly to develop SME Clusters,” he said.
Amo n g the potential downstream industries, Awang Tengah said that aluminium, alloy, rods, cables and other industries were some of the sectors being targeted for now.
He added that Sarawak has a lot of untapped renewable hydropower potentials.
“If fully developed, they will be able to generate about 8,000MW of electricity.”
Among hydroelectric dams that have been and are currently under construction are Bakun Dam (2,400MW at a cost of RM7.8 billion), Murum Dam (944MW at the cost of RM4.1 billion), and Baleh Dam (1,285MW at an estimated cost of RM8 billion) which is now being built and should be ready by 2025.
“We will develop depending on the futur e demand o f energy. With abundant water resources, Sarawak is also well positioned to be a producer of hydrogen fuel,” Awang Tengah said.
Malaysia is ranked second in Asean in the ease of doing business by the World Bank Report 2017 and seventh in Asia Pacific region. Datuk Amar Awang Tengah Ali Hasan, Deputy Chief Minister
Meanwhile, the ‘ Investment Opportunity in SCORE’ panel saw Regional Corridor Development Authority ( Recoda) chief executive officer (CEO) Tan Sri Datuk Amar Wilson Baya Dandot and Malaysian Investment Development Authority ( MIDA) deputy chief executive officer Datuk N Rajendran sharing their opinions and updating the progress on SCORE and investments in Sarawak.
Wilson also said that SCORE had successfully created over 60,000 job opportunities across five main growth nodes and within the power generation and transmission sector (excluding the Bakun Dam) as well as for the development of the Pan Borneo Highway, as at end of last year.
“In terms of investment opportunities, even in infrastructure development whether physical or digital, we have the amenities for your investment in SCORE.
“We believe that SCORE and Pan-Borneo Highway are the game- changers. SCORE is your investment oasis,” he said.