Sabah out to attract environment, social, governance-conscious global investors
Published on: Thursday, February 01, 2024
Invest Sabah Bhd’s chief communications officer Datin Nirvana Jalil Ghani reportedly said the state is currently focusing on promoting environment, social and governance (ESG)-conscious investments in the State. (Photo: Via SunBiz)
Kota Kinabalu: Sabah offers lucrative opportunities for environment, social and governance (ESG)-conscious global investors, according to a Sabah GLC official.
Invest Sabah Bhd’s chief communications officer Datin Nirvana Jalil Ghani reportedly said the state is currently focusing on promoting ESG investments in the state.
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“The government allocates about RM30 million annually to Sabah for forest preservation. And this expenditure does not include other investments,” SunBiz quoted her as saying.
“As you can see, in terms of research, governance and more, we are moving towards a completely green approach. That’s why, even regarding the investments we bring into Sabah, our focus is on green technology and anything related to environmental sustainability.”
Nirvana pointed to unique Sabah, home to 59 percent of Malaysia’s mangroves, offering research and investment opportunities for local and international investors.
“In terms of rainforest, Sabah boasts the second oldest rainforest globally and the oldest tropical rainforest,” she was reported as saying.
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Currently, the state is seeking investment in manufacturing, tourism, agriculture, human capital, and infrastructure and utilities, SunBiz reported further.
“Furthermore, although the state government has a policy against exporting raw materials, it invites investors to explore opportunities by investing in and establishing processing factories in Sabah,” said the report.
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“This encompasses among others a range of industries, including cocoa, timber, and biomass.”
Sabah also boasts the government-wholly owned Kota Kinabalu Industrial Park, a 8,320-acre integrated industrial facility comprising several components including industrial, commercial, R&D and institutions, residential and tourism development.
Sabah is also exploring clean tourism, with Mengalum island set to be the world’s first carbon-free island resort.
Sabah was reported as having seen more than 1.6 million tourist arrivals in the first six months of 2023 and tourist arrivals have been projected to increase by 15 to 25 percent this year.
The State’s major trading partners are Peninsular Malaysia (RM16.4 billion export, RM18.4 billion import), China (RM7.6 billion export, RM3.1 billion import), Australia (RM4.1 billion export, RM275 million import), European Union (RM3.4 billion export, RM861 million import), and India (RM3.5 billion export, 460 million import), according to SunBiz.
Sabah is also located within the Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area with international direct flights to Kota Kinabalu from China, Hong Kong, Macau, Taiwan, the Philippines, Brunei, Singapore and South Korea.
Invest Sabah aims to develop and sustain Sabah's economy by enhancing and continuously injecting business activities in the State through foreign and local investment, according to its Facebook page.
It is chaired by Datuk Seri Anifah Aman, who is also the Special Advisor on International Relations and Foreign Investment to the Sabah Chief Minister and Labuan Corporation Chairman.
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