KOTA KINABALU: Sabah has marked another significant milestone in sustainable economic development as the State Government signed a Memorandum of Understanding (MoU) on Blue Financing with Maybank Group Global Banking to strengthen the implementation of the Blue Economy agenda in the state.
The signing ceremony, witnessed by Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor, was held at the Banquet Hall, Menara Kinabalu, on Monday signifying the State Government’s commitment to positioning Sabah as a regional leader in marine and ocean-based economic development.
According to Hajiji, the MoU represents an important step in introducing Sustainable Blue Economy Financing, which will open access to financial facilities for projects, research, and companies that generate positive economic and environmental impacts, including micro, small, and medium enterprises (MSMEs).
“Through this collaboration, Maybank not only provides financial facilities but also offers advisory services, monitoring, and industry networking to support the implementation of Blue Economy projects in Sabah,” he said.
He added that blue financing serves as a catalyst for transforming the Blue Economy through the application of advanced technologies, the development of research and development (R&D) hubs, intellectual property (IP) creation, job opportunities, and enhanced economic competitiveness for the state.
Hajiji noted that Sabah, with its 2,383-kilometre coastline and vast marine areas, is among the states with the highest potential for developing a sea-based economy in Malaysia.
“However, this great potential has not been fully utilised before. Therefore, the Sabah Blue Economy Policy was introduced to diversify the state’s economic structure and ensure sustainable and inclusive development,” he said.
He emphasised that the strategic collaboration with Maybank will help transform Sabah into a progressive and sustainable Blue Economy hub, bringing direct benefits to local communities and coastal populations through increased economic activities and job opportunities.
To further strengthen policy implementation, Hajiji said the State Government established the Sabah Blue Economy Council (MEBS) on June 16 as the main coordination platform for Blue Economy policies and strategies.
He added that the establishment of MEBS demonstrates the government’s strong commitment to harnessing the state’s marine and ocean resources in a structured, integrated, and high-impact manner in line with the aspirations of the Sabah Maju Jaya (SMJ) Development Plan.
Hajiji also highlighted the success of the Memorandum of Agreement (MoA) between the Kota Kinabalu City Hall (DBKK) and Alpha Ocean Resources Berhad (AORB) to develop an EU-standard port dedicated to tuna and deep-sea fish landings, a key step in enhancing the value-added potential of Sabah’s fisheries industry.
In addition, he said the establishment of the Blue Economy Industrial Park in Kudat will serve as a catalyst for investments in marine technology, renewable energy, and highvalue seafood processing.
He also noted the success of the Sabah International Blue Economy Conference (SIBEC) 2024, which attracted over 4,000 participants from both local and international sectors proving that Sabah is now globally recognised in Blue Economy development.
Hajiji expressed his appreciation to Maybank for their trust and commitment in realising the Blue Financing initiative in Sabah.“I call upon all young entrepreneurs and industry players to join hands with the State Government in advancing this agenda. Let Blue Financing be the catalyst for Sabah’s Blue Economy transformation for the well-being of future generations,” he said.-pr/BNN
