KUCHING: The new and green economy offers opportunities for Bumiputera entrepreneurs to venture into.
Deputy Premier Datuk Amar Awang Tengah Ali Hasan said Sarawak is blessed with abundant natural resources for socioeconomic development.
“Thus, the Sarawak government has a holistic policy to develop these resources to create more investment, business, and job opportunities, including for Bumiputera communities,” he said.
He said this at the closing of the 2024 Bumiputera Economic Congress held at the Putrajaya International Convention Centre on Saturday.
Awang Tengah added to support the development of the economic sector, Sarawak is focusing on infrastructure development, basic utilities, and telecommunication systems, as well as expanding air and seaport connectivity.
“This forms the foundation for us to boost development, especially in rural and interior areas, to create a conducive ecosystem for increasing participation, including Bumiputera involvement, in all economic sectors,” he said.
He added the Sarawak government has also launched its Sarawak Digital Economy Blueprint, outlining strategies for digital economic development to enhance productivity and economic growth.
“According to the International Monetary Fund (IMF), the digital economy is estimated to contribute an average of 24.3 per cent to the global economy by 2025, valued at USD25 trillion.
“Imagine if we could harness just 1 per cent of this value, it would contribute USD2.5 trillion to the country’s Gross Domestic Product (GDP),” he said.
Sarawak, he said, is also currently vigorously developing the new economy, especially the green economy, which is in line with global developments and directions in addressing climate change and global warming, as outlined under the Sustainable Development Goals (SDGs) and Environmental, Social, and Governance (ESG) frameworks.
“I believe that green energy sources such as hydropower are the key drivers to achieving the Net Zero 2050 aspiration,” he said, while adding that Sarawak has the potential to generate 20,000MW of hydropower.
Hence, he said energy development is crucial to drive all aspects of development, particularly in the economic sector.
“It also presents numerous opportunities in power generation, transmission, and distribution, creating various business ventures that can be pursued by Bumiputera companies, including our Small and Medium Enterprises (SMEs).
“Through this development, Sarawak aspires to become a regional green energy hub capable of meeting the investment needs from both domestic and foreign investors to comply with ESG, SDG, and Green Financing guidelines,” he said.
He added in line with this, InvestSarawak has collaborated with Alliance Bank Malaysia Berhad and the UN Global Compact Network Malaysia and Brunei (UNGCMYB) to provide RM1 billion in green financing to SMEs in Sarawak.
“The new economy involves cutting-edge technology, high expertise, and substantial capital.
“But, I believe Bumiputera entrepreneurs can participate in the new economy and leverage either by doing it independently or collaborating with non-Bumiputera entrepreneurs or international companies,” he said.
To ensure the sustainability of Sarawak’s economy, he said efforts will continue to be intensified in developing human capital, particularly in Technical and Vocational Education and Training (TVET) and Science, Technology, Engineering, and Mathematics (STEM).
“Sarawak has established the Centre of Technology Excellence Sarawak (CENTEXS) and is actively developing five international schools.
“With quality education and skills training, we believe we can produce a competent and competitive workforce, thus enabling them to seize high-paying job opportunities.
“Consequently, this can contribute to increased household income, improved quality of life for the people, and the eradication of poverty among our society,” he said.
