Sarawak trade up 55 pct to RM141.2 bln for Jan-Aug 2022 – Awang Tengah

Sarawak Deputy Premier Datuk Amar Awang Tengah Ali Hasan
01/12/2022 01:12 PM

KUCHING, Dec 1 (Bernama) -- Sarawak’s total external trade for the first eight months of this year rose 55 per cent to RM141.2 billion compared with RM91.1 billion for the same period last year.

Sarawak Deputy Premier and Minister of International Trade, Industry and Investment Datuk Amar Awang Tengah Ali Hasan said state exports and imports rose 61.1 per cent and 38.6 per cent, respectively.

“Trade-related activities too are expected to remain strong in 2022. Strong commodity prices continue to drive export growth, particularly in oil and gas, aluminium, ferroalloys as well as crude palm oil,” he said when winding up for the ministry at the State Legislative Assembly here today.

He said 28 manufacturing sector projects involving investments of RM2.26 billion were approved between January and June this year of which RM1.02 billion was approved under the Industrial Coordination Act 1975 (ICA) and RM1.24 billion under the State Industrial Coordination Committee (ICC).

Three projects approved under the ICA were for electrical and electronic products (substrates for hard disk) with an investment of RM1 billion; glass products (RM10 million); and tugboats (RM9 million).

The remaining 25 projects approved under ICC were mainly electrical and electronic products involving solar ingot & wafer (RM1.128 billion), bottled drinking water (RM50.9 million), processed food (RM19.3 million) and warehousing, logistic and engineering services (RM18.2 million).

Awang Tengah said these investments are expected to create about 2,500 employment opportunities. Apart from these approved projects, the ministry also received applications for 46 projects with a total proposed investment of RM41.9 billion. 

These new investments amounting to RM35.45 billion include green steel and chemical products while RM6.47 billion are re-investments by existing investors involving silicon wafer chips, copper foil and solar ingots, and wafers. 

“The fact that these investors continue to re-invest and expand their businesses in Sarawak during these challenging times clearly reflects their confidence in the way we manage our economy and the political stability that we have,” he added.

-- BERNAMA