KOTA KINABALU: Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor has called
upon the public and private sectors in Sabah to leverage the strong economic ties with
China and Asean to foster economic synergy in shaping future regional collaboration
and economic development.
He said China is Sabah’s largest trading partner chalking a bilateral trade value totalling
RM10.7 billion last year.
“In 2023, Sabah’s total trade was valued at RM41.463 billion, with main exports
comprising Palm Oil at RM15.291 billion, Liquefied Natural Gas (LNG) at RM5.051
billion, Crude Petroleum at RM2.548 billion, Palm Kernel Oil at RM1.289 billion, and
Palm Oil-based Oleochemicals at RM1.123 billion.
“Out of this, our bilateral trade with China totalled RM10.654 billion, making it Sabah’s
largest trading partner,” he said at the Malaysia-China Summit 2024: Networking
Engagement Series in Sabah at Shangri-La Tanjung Aru Resort near here today.
His speech was delivered by Assistant Minister to the Chief Minister Datuk Nizam Abu
Bakar Titingan.
The Chief Minister said Sabah’s economic ties with China were driven by strong trade,
investment, and collaborative projects across sectors.
“For the manufacturing sector, our state has received RM3.07 billion in investments from
China to date, which have created 3,086 jobs. These investments involved solar glass
manufacturing, silica and processing, food manufacturing, rubber products, wood-based
products, and plastic products,” he said.
Hajiji also highlighted that the palm oil sector is one of Sabah’s economic cornerstones
and as a leading producer of palm oil in Malaysia, Sabah plays a critical role in meeting
the global demand for this versatile commodity.
Sabah contributed 24 per cent of Malaysia’s total crude palm oil production at 4.5 million
tonnes, which is a significant national contribution and showcases the state’s leadership
in driving and playing a key role in enhancing our trade and investment for this important
commodity, he said.
In line with the global environmental standards, 80 per cent of palm oil plantations in
Sabah have achieved the Malaysian Sustainable Palm Oil Certification as of last year,
he said.
Besides that, Hajiji said there are ample opportunities for investors from China and
Asean in green technology, high-tech agriculture, and mixed developments.
“Sabah is also pitching to Chinese investors to explore the state’s Blue Economy
concept, which involves the sustainable use of ocean resources for economic growth,
improved livelihoods, and jobs.
“Sabah also looks forward to increased cooperation with China in green energy,
manufacturing, high-technology agriculture, and smart city construction, among other
areas, to promote mutual benefits and win-win partnerships,” he said.
“While oil and gas remain important revenue streams for Sabah, we welcome investors
also to explore solar and storage technologies, hydro, geothermal, and carbon market
opportunities,” he added.
Hajiji said China is the largest source of foreign tourists to Sabah with 135,855 of the
396,564 international arrivals for the first four months this year from the People’s
Republic of China.
He believed the Malaysia-China Summit 2024 represents not only a significant platform
for strengthening bilateral trade and investment but also an excellent opportunity to
highlight and further develop Sabah’s thriving tourism sector.
Hajiji said the summit was auspicious as it marked the 50th anniversary of the
establishment of Malaysia’s diplomatic ties with China, which fell on May 31, 2024.
“Our two countries have had a long history of good bilateral relations and in the past
few years, we have experienced remarkable progress in exchanges and cooperation in
various fields – trade, investment, education, culture, tourism, and beyond.
“Sabah supports this initiative as a platform to further enhance our bilateral relations and
shared prosperity to include ASEAN, thereby strengthening our regional economic
integration,” he said.-pr/BNN
