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Sarawak on track to achieve five per cent growth this year

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Sarawak on track to achieve five per cent growth this year Empty Sarawak on track to achieve five per cent growth this year

Post by hlk Mon 27 May 2013, 17:36

Business & Markets 2013
Written by Bernama
Monday, 27 May 2013 16:39
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KUCHING (May 27): The Sarawak economy is projected to grow at five
per cent in 2013, underpinned by stronger exports, an increase in
investments from the Sarawak Corridor of Renewable Energy (Score),
and implementation of projects under the Tenth Malaysia Plan (10MP).
In 2012, Sarawak's economy grew at 4.5 per cent despite challenges in
the external environment, with growth driven by strong domestic
demand from both the private and public sectors, as seen in the robust
industrial development in
the state.
Minister for Industrial Development Datuk Amar Awang Tengah Ali
Hasan said from January to March 2013, Sarawak managed to attract
the second highest investments totalling RM3.04 billion after Johor
(RM5.65 billion) and ahead of Penang (RM850 million) and Selangor
(RM618 million).
The investments were mainly in the basic metal industry.
"In addition, the state Industrial Coordination Committee (ICC) also
approved 13 projects totalling RM25.15 million in the first quarter of
2013, mainly in the wood-based industry and transport equipment.
"Of the RM3.07 billion approved in the first quarter, RM2.89 billion or
94.2 per cent came from foreign investments, while RM180 million or
5.8 per cent was from domestic investments," he said, when winding up
debate pertaining to his ministry at the State Legislative Assembly sitting, here today.
Awang Tengah said, the major sources of foreign investments came from South Korea with an investment of RM1.5 billion
(silicon metal) and RM1.4 billion from Japan (titanium sponge).
"These projects are expected to create about 1,100 job opportunities in the state," he added.
Sarawak registered a total investment of RM4.82 billion in 2012. Of this figure, RM3.75 billion or 78 per cent was from
foreign investments, and the remaining RM1.07 billion from domestic investments.
These investments generated about 3,000 employment opportunities in the state. --BERNAMA
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