PRIVATE investments in Sarawak reached RM9.77 billion as of the third quarter of 2024, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
He said RM6.84 billion in private investments had been secured in the first half of the year, with an additional RM2.93 billion approved under the manufacturing sector, primarily in electrical, electronics, and basic metal industries.
“And, RM2.87 billion worth of investments are currently pending approval from MIDA (Malaysian Investment Development Authority), reflecting a strong investor confidence and Sarawak’s attractiveness as a competitive investment destination.
“The Sarawak government remains focused on economic diversification by actively encouraging private investment, particularly in emerging sectors,” he said.
The Premier, who also serves as Finance and New Economy Minister, added that investment in capital goods had increased by 5.5 per cent in the first seven months of 2024 compared to the previous year, signalling robust capital formation and capacity expansion within the state.
On public investment, he said RM9 billion has been allocated for initiatives aimed at boosting connectivity, enhancing citizens’ quality of life, and driving economic growth.
In addition, the federal government has designated RM5.8 billion to support infrastructure development in Sarawak, further reinforcing economic growth throughout the year.
On inflation, Abang Johari said that Sarawak’s inflation for 2024 is expected to range between 2.3 and 2.5 per cent.
He said the average inflation rate for the first nine months was recorded at 2.5 per cent, showing a 0.8 percentage point decrease from the same period last year.
“A notable reduction in inflation for food and non-alcoholic beverages has contributed to this decrease, supporting a more stable pricing environment,” he added.
According to Abang Johari, Sarawak’s labour market also showed improvement, with labour force participation rising to 71.2 per cent in the first half of 2024, up from 69.8 per cent in 2023.
Employment numbers climbed to 1.46 million, compared to 1.40 million the previous year, while the preliminary unemployment rate declined slightly to 3.5 per cent from 3.6 per cent in the same period last year, he said.
