Eyeing increased trade with Europe

Tengah: Sarawak seeks stronger ties with EU nations, offers many investment opportunities

By fostering international partnerships with the EU, we hope to benefit from knowledge exchange, technology transfer, and investments that align with our vision for a sustainable and prosperous future.

KUCHING: Sarawak is looking to establish a stronger connection with Europe, said Deputy Premier Datuk Amar Awang Tengah Ali Hasan.

He said there has been a significant volume of trade between Sarawak and Europe and cited 2022 when total trade between the state and Europe stood at €2.1 billion (RM10.8 billion).

“The value of our exports to Europe was €1.7 billion (RM8.7 billion), mainly aluminium ferro-alloys, and other items. Our imports from Europe on the other hand were worth €407 million (RM2.1 billion), mainly on heating and cooling equipment and parts.

“This shows an immense opportunity to increase trade relationship for untapped potential between two regions,” he said in his keynote address during the European UnionMalaysia Business Day 2024 here yesterday.

Awang Tengah, who is also International Trade, Industry and Investment Minister, said Sarawak offers many investment opportunities in the digital economy, hydrogen economy, as well as green and blue economy in tandem with the target to be net zero by 2050.

“We (Sarawak) aspire to shape a future through innovation to transform our economy toward prosperity, inclusivity and sustainability in line with our Post Covid-19 Development Strategy 2030.

“By fostering international partnerships with the EU, we hope to benefit from knowledge exchange, technology transfer, and investments that align with our vision for a sustainable and prosperous future,” he said.

Datuk Amar Awang Tengah Ali Hasan

Awang Tengah also said Sarawak continues to develop its oil and gas industries, upstream, midstream, and downstream.

“We have sizeable reserves of oil and gas, accounting for 29 per cent of Malaysia’s total reserves for crude oil and around 60 per cent of Malaysia’s total reserves for natural gas. This is one of the sectors we would like to further develop sustainably,” he added.

He also said Sarawak is a preferred investment destination for high tech, electrical and electronic products (E&E), as well as energy intensive industries.

“We are very strong in the shipbuilding industry where 60 per cent of shipyards in the country are located in Sarawak. We are also aggressively pursuing the modernisation and commercialisation of our agricultural sector and food industries.

“On the timber sector, we are now focusing more on highvalue timber products such as furniture and engineered wood,” he said.