IPOH: Sarawak is capable of doubling its Gross Domestic Product (GDP) from RM140 billion in 2022 to RM282 billion in 2030 as targeted under the Post-Covid Development Strategy 2030 (PCDS 2030).
Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg based this confidence on the vast opportunities for growth in the next seven years.
He pointed out that the decade towards 2030 would see tremendous potential for Sarawak to exploit as the world moved in earnest against climate change and towards sustainability.
“We have to look not only at the state and national perspective but also at the global perspective to know our potential,” he said.
He pointed out that the Conference of Parties (COP) on climate change scheduled to be held in Dubai in 2028 was a clear signal that Sarawak was right in its approach to gain opportunities in adversity to expand its economy and increase its revenue.
Abang Johari said this in a keynote address during the High Performance Team (HPT) Retreat held at Royal Perak Golf Club, here on today.
He said Sarawak must add value to its resource strength that could be exemplified by the development of hydrogen for export by 2027 as the world transitioned into clean energy in order to achieve net-zero emissions by 2050.
“Sarawak’s sources of revenue would also include carbon trading as vast areas of forest were being developed as carbon sinks to be traded as carbon credit to offset carbon sources in other countries.
“The downstream development of the state’s oil and gas resources to produce methanol and ammonia would add further to Sarawak’s sources of revenue,” he said.
He pointed out that if Sarawak could increase its income by one-fold from the usual RM5 billion annually to RM12 billion in 2022, he said there was little reason why Sarawak could not double its GDP to RM282 billion by 2030.
Drawing inspiration from President Kennedy’s vision of putting man on the moon and citing the success of China and Japan in becoming giant economies, he expressed confidence that Sarawak could achieve the target if both the civil service and political leadership set out to implement PCDS 2030 and the recently-launched Sarawak Digital Blueprint as one united team.“If you
and I can work together, we can do it,” he said.
Explaining further, he said with an expanded revenue Sarawak would have to invest in infrastructure, including seaports in order to create an environment conducive to the enhancement of the service and agricultural sectors.
He also said with the economy expanding, Sarawak would have the capability to triple its median household income from the current RM5,000 to RM15,000 in 2030 in order to address the gap between the national and state’s average.
“As Sarawak’s financial standing strengthenes, the state would have to save part of its revenue for the benefit of the future generations through the Sarawak Sovereign Wealth Future Funds (SWFF),” Abang Johari said.
The SWFF is expected to be operational by next year with an initial capital appropriation of RM8 billion.
Later, the Premier witnessed the signing of an MoU between Sarawak Foundation and Sunway Integrated Property Sdn Bhd for the development of a modern digital medical village in Samariang, Kuching.
He also witnessed the signing of another MoU between the Land Custody and Development Authority ( LCDA) and Sunway Integrated Property for the redevelopment of the 500-acre Bukit Assek water-logged area in Sibu into a modern and thriving township.
