KOTA KINABALU: The Sabah government is eager to collaborate with the private sector including foreign investors interested in investing in the State.
Deputy Chief Minister Datuk Seri Panglima Dr Jeffrey Kitingan said Sabah is in urgent need of investments as it seeks to rebuild its economy and replace lost jobs as soon as possible.
“When GRS took over the government, we were given the task of restoring order and reforming our economy. We have seen how Sabah’s GDP dropped from 8.2 per cent to 0.5 per cent in two years.
“Economy was sluggish, and shops were closing down everywhere even before COVID-19 hit us.
“Despite being resource-rich, we are still ranked the nation’s poorest State and we need to change this reality,” he said after a luncheon with Hyway Group (Malaysia) Sdn. Bhd a subsidiary company of China Hyway Group Limited here, Wednesday.
Kitingan said the government cannot revive the economy on its own as commerce ultimately belongs to the private sector.
Fortunately, Kitingan said there is no shortage of interest among investors because they are aware of Sabah’s enormous potentials particularly in the agriculture and food industry.
For instance, Sabah is the third largest palm oil producer in the world as well as the nation’s biggest producer in cocoa, coffee and biggest haul of seafood, sea cucumber and seaweed.
In fact, he said he has already met with several potential investors, all of whom have expressed an interest in assisting Sabah’s ailing economy and building infrastructure and leveraging on its tourism potential with pristine beaches, world-class diving spots and exotic natural environment.
“I am pleased to say that under the GRS government, investors will find it easier to come here and invest because we are cutting the massive red tape that has always been the main barrier for investors to come.
“At the same time, while we welcome huge foreign investment, local businesses can be assured that they will not be forgotten as they are the ones who help make Sabah the vibrant society that it is today.
“In our pursuit of a quick recovery, we must continue to strike a balance between gold and our heritage,” he said.-pr/BNN
