Latest news with #MINTRED
BusinessToday
3 days ago
- Business
- BusinessToday
Refuelling Sarawak's Growth
Sarawak is fast positioning itself as Malaysia's clean energy powerhouse with bold plans to quadruple power generation to 15GW by 2035. A recent field trip by CIMB Research to the state revealed that major shifts are underway — not just in energy, but also in infrastructure, digitalisation, and industrial expansion — aligned with Sarawak's Post COVID-19 Development Strategy 2030 (PCDS 2030). CIMB analysts identified key beneficiaries of the state's growth plans ahead of its next election, due by April 2027. Infrastructure giants like Gamuda and IJM, as well as Sarawak-based names Cahya Mata, Ibraco, Solarvest, CCK, and Supreme Consolidated, are all poised to ride the wave of development. A Green Leap Forward Sarawak's clean energy agenda is being driven by a pivot away from mega dams toward cascading hydro, floating solar, pumped hydro, and integrated hydro-solar projects. Its landmark hydrogen programmes, H2ornbill and H2biscus, aim to generate over 240,000 tonnes of hydrogen annually by 2029, with exports targeted at Japan and South Korea. The state's strategic shift includes deprioritising coal and rare earth mining, while doubling down on green cement, silica-based solar glass, and biofuels. Major infrastructure upgrades, including a RM4 billion water grid, are also underway to support these ambitions. Industrial Parks and Transport Mega-Projects Sarawak plans to construct 10 new industrial parks and 6 agro-parks, alongside the expansion of existing industrial hubs such as Samalaju Industrial Park (SIP) and Petchem Industrial Park in Kidurong. With strong demand, only 12% of land at SIP remains available, despite already attracting RM57 billion in investments. Infrastructure development is also intensifying. The state is pursuing transformative projects such as a new airport and deep seaport in Kuching, the Lawas Airport and port complex, and major road, water, and utility upgrades. The Kuching Urban Transportation System (KUTS), featuring hydrogen-powered Autonomous Rapid Transit (ART), is a headline initiative under Sarawak Metro, expected to begin operations in 2028. Phase 1 of KUTS, valued at over RM6 billion, will span 70km across 28 stations. Hydrogen fuel cell vehicles will be supported by a purpose-built depot in Rembus, and a RM122 million contract for 55 feeder buses has already been awarded. Strategic Investment and Clean Energy Partnerships Sarawak's investment agency, InvestSarawak, operating under MINTRED, has been actively securing green investments. A notable development was the signing of an MoU with China's CRE International in 2024 to explore USD1.5 billion (RM6.4 billion) worth of solar, wind, and energy storage projects with a capacity target of 2GW. MINTRED has also launched ENBASE, a digital platform to support entrepreneurial development, and is spearheading efforts to attract investments in semiconductors, medical devices, and green hydrogen. Deputy Premier Datuk Amar Awang Tengah Ali Hassan recently led a trade mission to France, engaging with private equity firm Ardian on high-tech sector opportunities. SCORE and the Corridor Vision Driving long-term industrialisation is the Sarawak Corridor of Renewable Energy (SCORE), which spans 80% of the state. Managed by RECODA, SCORE has already secured RM127 billion in approved investments across 464 projects, mainly in energy-intensive sectors. RECODA also oversees over 250 infrastructure projects and administers social programmes focused on poverty reduction, workforce upskilling, and rural development. Its regional development arms — URDA, HDA, and NRDA — have tailored master plans to ensure inclusive and area-specific progress. Election-Led Re-Rating Opportunities With the next Sarawak state election expected before April 2027, CIMB foresees a potential re-rating of Sarawak-linked stocks, particularly in infrastructure and consumer sectors. Companies like Gamuda and IJM are favoured for their involvement in road and public transport contracts, while Cahya Mata, Ibraco, Solarvest, CCK, and Supreme stand to benefit from surging state-level economic activity. However, risks remain. These include funding and talent constraints, rising competition from foreign contractors, and the still-limited participation of public-listed players in large hydrogen or hydroelectric ventures. Looking ahead, Sarawak's clear policy direction reinforces the state's vision to become a high-income and developed state by 2030. With a record-high RM15.8 billion budget for 2025 and 70% allocated to development, the transformation is not just aspirational — it's already underway. Related
Borneo Post
3 days ago
- Business
- Borneo Post
Miri sales carnival, talent showcase empowers local entrepreneurs
Lee (second left), Dr Ripin (second right), and other officials pose for a photo call. MIRI (July 21): The Sales Carnival and Sarawak Talent Showcase serves as a dynamic platform for empowering local communities through entrepreneurship and talent development, said Sarawak Transport Minister Dato Sri Lee Kim Shin. Spearheaded by the Ministry of International Trade, Industry and Investment Sarawak (MINTRED), the event aims to promote entrepreneurship, showcase local talent, and strengthen community engagement across divisions. Speaking at the officiating ceremony yesterday, Lee said the initiative not only highlighted Sarawak's diverse talent and entrepreneurial spirit but also fostered unity and collaboration across sectors. 'This is not just a space for business transactions – it is a platform for sharing knowledge, expertise, and experiences among entrepreneurs, agencies, and the public,' said Lee, who is also the Senadin assemblyman. He added that the programme is a reflection of grassroots-level collaboration that supports Sarawak's broader vision of an inclusive and resilient economy. Held at the Miri Indoor Stadium compound in conjunction with the Sarawak Day state-level celebration, the three-day event attracted participation from 102 entrepreneurs and 30 government and federal agencies. Lee presents a token of appreciation to one of the participating vendors during the walkabout. Deputy Minister for Youth, Sports and Entrepreneur Development, Datuk Dr Ripin Lamat, who also spoke at the event, commended the effective collaboration between stakeholders. 'This programme would not have been possible without the involvement and support of all parties,' he said, acknowledging the meaningful impact on community empowerment. The ceremony concluded with a walkabout on the carnival grounds, where Lee, Dr Ripin, and other officials engaged directly with entrepreneurs, agency representatives, and carnival-goers. Also in attendance were Miri Deputy Resident Bujang Rahman Seli, community leaders, and representatives from participating agencies and organisers. community entrepreneur lead Lee Kim Shin Sarawak Talent Showcase
Borneo Post
03-05-2025
- Business
- Borneo Post
Premier: Sarawak ‘open for business' with long-term growth vision
Abang Johari (left) gestures as he speaks during the forum. – Premier's Office photo KUCHING (May 3): Sarawak is now 'open for business', brimming with opportunities that promise mutual benefits for both investors and the state, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg. 'What I want to emphasise is that Sarawak has immense potential for future growth. We have stability, and we have a rational populace. 'We also have a clear roadmap with policies that remain consistent regardless of who holds the Premier's Office, extending even beyond 2030,' he said during a Fireside Chat moderated by Lord Jonathan Marland in conjunction with the Sarawak Connect London 2025 Forum yesterday. During the forum, Abang Johari shared his vision for Sarawak's development and called for global collaboration in shaping the state's future, according to a report shared on the Sarawakku Facebook page. The Premier said that with a long-term development plan charted up to 2035, Sarawak is well positioned for sustainable investment. He pointed out that Sarawak seeks strategic partnerships to accelerate innovation, technology adoption and green investment in renewable energy and carbon storage initiatives. 'If you can answer three questions positively – Is there risk? Can you generate profit? Is it sustainable? – then Sarawak is the right place for you,' he assured. Abang Johari said Sarawak has a stable government, long-term vision and openness to international partners, hoping that the visit to London would unlock new opportunities, benefiting both investors and the people of Sarawak. Organised by the state Ministry of International Trade, Industry and Investment (MINTRED), the Sarawak Connect 2025 Forum convened key UK investors and business communities to explore collaborative ventures. Earlier, Deputy Premier and Minister for MINTRED Datuk Amar Awang Tengah Ali Hassan also spoke at the forum. Among those present were Deputy Premier Datuk Amar Dr Sim Kui Hian, State Secretary Datuk Amar Mohamad Abu Bakar Marzuki as well as deputy ministers and senior government officials.
