Latest news with #PhoongKOTAKINABALU
Borneo Post
04-07-2025
- Business
- Borneo Post
Sabah's trade remains strong and stable - DOSM
Phoong KOTA KINABALU (July 4): Sabah's economy remains stable and continues to experience positive growth momentum, according to a recent statement by the Department of Statistics Malaysia (DOSM), said Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe. Quoting DOSM's 4 July 2025 release titled 'Sabah's trade remained resilient, exceeding RM100 billion for three consecutive years despite challenges in the economic landscape,' Phoong said the report confirms that Sabah's total trade for 2024 was valued at RM107.8 billion, representing a 2.7% growth compared to 2023. 'This reassures us that Sabah's trade performance remains robust, directly contradicting earlier claims of a steep decline,' he said. Phoong explained that he had previously sought clarification from DOSM regarding an unusually high figure in 2023, when Sabah's total trade was reportedly RM158 billion, followed by a significant drop to RM43 billion in 2024 based on international trade data. He said the DOSM clarification provides a more accurate understanding: 'If you look at the trend from 2019 to 2022, Sabah's trade consistently ranged between RM36 billion and RM58 billion. Then in 2023, it suddenly jumped to RM158 billion, raising questions.' Phoong welcomed DOSM's explanation, which clarified that Sabah's total trade — including transactions with Peninsular Malaysia and Sarawak — reached RM107.78 billion in 2024, compared to RM105 billion in 2023. These figures represent all physical transactions passing through Sabah's entry and exit points. Meanwhile, international trade (based on country of origin and destination) stood at RM43 billion in 2024, aligning with DOSM's earlier figures released on 16 June. 'As for the confusion surrounding the 2023 figures, I appreciate DOSM's clarification that international trade for that year was actually RM41.4 billion, with exports at RM31 billion — not RM158 billion as previously cited.' He added that this confirms Sabah's trade has grown year-on-year, both in total and international terms, and that claims of a sharp decline in 2024 are inaccurate. 'Nevertheless, I regret the confusion caused by inconsistent data previously announced,' Phoong said. He also highlighted that DOSM reported a 9.3% increase in Sabah's manufactured goods exports, reaching RM12.0 billion — a highly encouraging indicator for the state's industrial sector. Additional trade statistics shared by Phoong include: Exports in 2024: RM61.3 billion Imports in 2024: RM46.4 billion (up 10.2%) Trade surplus: RM14.9 billion (a 27.9% decrease from the previous year)
Borneo Post
13-06-2025
- Business
- Borneo Post
Sipitang steel plant to show progress by July
Phoong KOTA KINABALU (June 13): Esteel Enterprise's RM31 billion steel processing plant at the Sipitang Oil and Gas Industrial Park (SOGIP) is expected to show visible physical progress by July this year. State Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe said the ministry recently received a formal letter from the company reaffirming its commitment to the project. Following the issuance of the Federal Manufacturing License in January 2025, Esteel quickly moved to sign a gas supply agreement with Sabah Energy Corporation and Petronas in February. Phoong said the months of March and April were dedicated to a competitive bidding process to appoint a joint tender (JT) contractor in China. This process concluded with the selection of China Communications Construction Company (CCCC) on May 30. 'This marks the official beginning of the project's implementation phase. Both Esteel and CCCC are confident that by July and August 2025, we will witness substantial transformation at the SOGIP site,' he said. Phoong, who is also Luyang assemblyman, criticised Elopura assemblyman Calvin Chong for politicising the matter and lodging a police report alleging a lack of progress at the site. 'As elected representatives, we can raise such issues during State Assembly sittings. There's no need to resort to police reports. Ask me in DUN — I am ready to answer any question about Esteel,' he said at a press conference at Wisma Kewangan today. 'Don't politicise genuine investors. It deters our efforts to attract more investments and grow the state's industrial sector.' He assured that the green steel manufacturing project will proceed as planned, stressing the strong commitment from both Esteel and the state government. Phoong also highlighted that the project has been thoroughly vetted by the Malaysian Investment Development Authority and the Ministry of Investment, Trade and Industry. He added that Esteel's parent company, Singapore-based GreenSteel Limited, is a legitimate entity — recently acquiring shares in Penang-based Southern Steel Bhd and already owning Antara Steel in Labuan.
