KUCHING: The timber industry is urged to diversify its operations to align with the aspirations of Sarawak’s Post-COVID-19 Development Strategy (PCDS) 2030.
Sarawak Deputy Premier Datuk Amar Awang Tengah Ali Hasan stated that the Sarawak Timber Industry Development Corporation (STIDC) and its subsidiaries must proactively explore new markets, adopt green technology, and consider sustainable practices to stay relevant in the long term.
He reminded that under PCDS 2030, Sarawak aims to become a high-income state by 2030 and pointed out that the timber industry is expected to reach an annual export revenue of RM8 billion by 2030.
“As the director of a subsidiary of STIDC, we must ensure that our company aligns with this aspiration.
“Diversification, innovation, and sustainability in the industry are no longer optional because they are essential to remain competitive in this rapidly changing environment.
He said this in a speech read by Sarawak Deputy Minister for Urban Planning, Land Administration, and Environment Datuk Len Talif Salleh at the opening ceremony of the ‘Seminar on Navigating the Companies Act 2016 and Assessing the Duties, Responsibilities, Rights and Powers of Company Directors’ at Raia Hotel here yesterday (Oct10).
Datuk Amar Awang Tengah added that STIDC has received a cumulative dividend of RM212 million from its subsidiaries and associated companies since its establishment.
Meanwhile, he urged underperforming companies to review their vision and mission.
“Develop and implement a business recovery plan and create strategic initiatives and actions to revive the company.
“Explore new business opportunities and seek new revenue streams. Companies should be self-reliant, and self-governance is the pillar for future growth and sustainability,” he said.
Also present were Datuk Seri Mohd Naroden Majais, Advisor to the Ministry of International Trade, Industry, and Investment, and STIDC general manager, Zainal Abidin Abdullah.
