Sabah Blue Economy on track to yield RM3.25bil annually from marine harvests
He said marine harvesting is one of 14 components of the Blue Economy that can be explored, such as renewable ocean energy, blue carbon, tourism, maritime transport, and marine biotechnology, among others.
"There is more to Blue Economy than just deep-sea harvesting," he said in a speech read by Sabah Finance Minister Datuk Seri Masidi Manjun at the International Business Review (IBR) ASEAN Awards here yesterday.
Also present was IBR Asia Group founder, director and chief executive officer Datuk Beatrice Nirmala.
The chief minister also said that one of the most exciting aspects of ocean energy is the Ocean Thermal Energy Conversion (OTEC), which harnesses energy from the oceans.
"OTEC power plants are currently being planned to span across 500km of coastline and, in time, to be able to generate 20,000MW of green energy, an unprecedented scale globally. This is not only a gamechanger for the country, it is a gamechanger for the region," he said.
Hajiji said the Blue Economy Industrial Park has been established in Kudat as part of three new industrial parks approved by the state government, along with Kota Belud and Beaufort, all strategically located to grow investment opportunities.
On the investment front, Hajiji said Sabah had recorded RM17.41 billion from 73 companies in overall approved foreign and domestic investments in the manufacturing sector since September 2020, with 52 companies already setting up businesses in the state with a total investment of RM7.8 billion, creating 3,636 jobs.
Between 2022 and 2024, Sabah received new investment proposals worth an additional RM42.3 billion, which will create 32,996 jobs, he added.
The chief minister highlighted that Sabah had sealed the Commercial Collaborative Agreement with Petronas, allowing the state to have more participation in the oil and gas industry. This includes 50 per cent equity from the Samarang oil and gas field, 25 per cent equity from Samur, and a 25 per cent equity in the US$3.1 billion (US$1=RM4.24) floating liquefied natural gas (ZLNG) investment in Sipitang.
To support the growing investments, the state government has launched the Sabah Energy Roadmap and Master Plan 2040. This initiative aims to generate 700MW within the next 1 to 2 years.
Additionally, the government has allocated RM679.85 million in 2024 to address immediate water shortages. Long-term plans also include the completion of the Ulu Padas hydropower.
Meanwhile, nine winners were announced at the event, namely Institut Jantung Negara for corporate excellence in the healthcare sector, Clean Kinetics Pte Ltd for corporate excellence in the renewable energy sector, Millenium Minerals Ltd for corporate excellence in the mining industry, Sabah Port Sdn Bhd for corporate excellence in the logistics sector, AiRTS Pte Ltd for innovative technology in the artificial intelligence sector, Alpine Integrated Solution Sdn Bhd for corporate excellence in the event management sector, and Education Malaysia Global Services for corporate excellence in the education sector.
Negeri Sembilan was named Most Progressive State in Malaysia in 2024, while Sabah was recognised as the Most Outstanding State in Malaysia for 2024.
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