Kota Kinabalu: Sabah has reached another key milestone in sustainable economic development with the signing of a Memorandum of Understanding (MoU) on Blue Financing between the State Government and Maybank Group Global Banking to strengthen the implementation of the Blue Economy agenda.
The ceremony, witnessed by Chief Minister Datuk Seri Hajiji Noor, was held at the Banquet Hall in Menara Kinabalu, Monday, underscoring the State Government’s commitment to positioning Sabah as a regional leader in marine and ocean-based economic growth.
Hajiji said the MoU marks a crucial step in introducing Sustainable Blue Economy Financing, which will open access to financial facilities for projects, research and companies that create positive economic and environmental impacts, including micro, small and medium enterprises (MSMEs).
“Through this collaboration, Maybank not only provides financing facilities but also advisory services, monitoring and industry networking to support the implementation of Blue Economy projects in Sabah,” he said.
He added that Blue Financing would act as a catalyst for transforming the Blue Economy through the application of advanced technologies, the development of research and development (R&D) hubs, intellectual property (IP) creation, job generation and enhanced economic competitiveness for the State.
Hajiji noted that with its 2,383km coastline and vast marine resources, Sabah is among states with the highest potential for developing a sea-based economy in Malaysia.
“However, this great potential has not been fully utilised in the past. Therefore, the Sabah Blue Economy Policy was introduced to diversify the State’s economic structure and ensure sustainable and inclusive development,” he said.
He emphasised that the strategic collaboration with Maybank will accelerate Sabah’s transformation into a progressive and sustainable Blue Economy hub, bringing tangible benefits to local communities and coastal populations through increased economic activities and employment opportunities.
To further strengthen policy implementation, Hajiji said the State Government had established the Sabah Blue Economy Council (MEBS) on June 16 as the main coordination platform for Blue Economy policies and strategies.
He said the formation of MEBS demonstrates the Government’s strong commitment to harnessing the State’s marine and ocean resources in a structured, integrated and high-impact manner, in line with the aspirations of the Hala Tuju Sabah Maju Jaya (SMJ) Development Plan.
Hajiji also highlighted the successful signing of a Memorandum of Agreement (MoA) between Kota Kinabalu City Hall (DBKK) and Alpha Ocean Resources Berhad (AORB) to develop an EU-standard port dedicated to tuna and deep-sea fish landings, a major step in enhancing the value-added potential of Sabah’s fisheries industry.
He said the upcoming Blue Economy Industrial Park in Kudat will further drive investments in marine technology, renewable energy and high-value seafood processing.
Hajiji also cited the success of the Sabah International Blue Economy Conference (Sibec) 2024, which drew over 4,000 participants from both local and international sectors, as proof that Sabah is now recognised globally in Blue Economy development.
He expressed appreciation to Maybank for its trust and partnership in realising the Blue Financing initiative in Sabah.
“I call upon all young entrepreneurs and industry players to join hands with the State Government in advancing this agenda. Let Blue Financing be the catalyst for Sabah’s Blue Economy transformation — for the wellbeing of future generations,” Hajiji said.
