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Sabah’s economic reformation, transformation
Published on: Sunday, March 17, 2024
By: Datuk John Lo
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Hajiji has addressed many critical ones and good progress is being made.
[1] Investments have been and are still coming in. The size of investments, both individually and in total are historical.
[2] State/Federal realignment are in good progress, including MA63 rights. Outstanding is the 40pc net revenue due to Sabah.
[3] Many oil and gas rights have been regained. The oil and gas industry will grow exponentially. Driving it are SMJ Sdn Bhd and SOGDC. Both are being managed by professionals within no political interference.
[3] Back to Sabah is the authority to regulate generation of electricity.
[4] Decades of accumulated roads, power and water woes are being resolved.
[5] Historical firsts: Sabah has a director at the MAIN BOARD OF DIRECTORS OF PETRONAS AND INCOME REVENUE BOARD. This twin representation is critically important if the Sabah’s nominees are effective.
[5] Masidi has started to plug leakages that have been massively evident in the economy.
[6] Christina Liew is steering tourism recovery very nice. Expected soon is the launch for Sabah’s MM2H and Sabah MICE Bureau, both of which will spur the economy further.
Sabah needs many more new tourism products to attract high value leisure and MICE tourists.
Above is not exhaustive. More information on other items can be read in the newspapers.
BENEFICAL EFFECTS FROM HAJIJI’S ECONOMIC REFORMATION AND TRANSFORMATION HAVE BEGUN.
The economic reformation and transformation cannot be finished in a few short years.
After all, Sabah’s economic problems have accumulated for decades. Judging from the experience of other countries like Singapore and China and to be realistic in the context of Sabah, there are many emerging facts and signs of progress and benefits.
[1] Sabah Government’s Revenue had never exceeded more than RM5 billion, hovering between RM3 billion plus to RM4 billion plus. Masidi has announced 2 consecutive record-breaking years, with RM6.95 billion in 2023.
[2] Decades old persistent unemployment has begun to decline. Down to 7.5pc in 2023 from 8.2pc in 2021. This is very significant. Technically skilled labour/personnels are now in short supply.
[3] Impressive economic confidence has been arrived. Apart from continuing inflow of investments, senior bankers from Malaysian and foreign banks have started to visit in increasing numbers and frequencies.
They would only come for one reason only. Sabah’s economy is improving to a level that is worth their attention and to visit, there is new profitable business to be done.
[4] Most heartening is the increasing number of young Sabahans returning from overseas to take up newly created challenges and opportunities.
These young Sabahans, unlike their elders with their non-stop complaints, have started their proactive initiatives of self-help and deep desire to contribute towards the growth of the Sabah’s economy.
These young Sabahans are not waiting for cash handouts, contracts and freebies to fall from heaven. They don’t expect any government help. Most amazingly, they want to participate and contribute. These are the young new Sabahans who have formed SYBIL [Sabah Young Business and Industry Leaders].
[5] The already successful older Sabahan businessmen, should emulate SYBIL, come together to assist the government to inject more Vigor and vitality into the Sabah economy so as to expedite the turn around faster.
WHERE ARE THE BENEFITS OF HAJIJI’S REFORMATION & TRANSFORMATION.
Look no further than the items that I have listed in item 1. For those who can’t see them or those who refuse to see them, they may want to change glasses or mindset.
Many non-Sabahans are flocking to Sabah. Sad if our own Sabahans can’t see the opportunities. They may want to seek out some young SYBIL members to consult with.
For those with an eagle eye for business and profits, search for opportunities in the areas of ECONOMIC VALUE CHAIN AND CLUSTER SUPPORTING ACTIVIES OF THE BIG AND SIZEABLE INVESTMENTS.
Samples of opportunities for new business are training, education, hi-tech, logistics [look out for logistics in the near future!], food supply and security, high value agriculture produce.
POIC Lahad Datu has obtained an upgrade of its recent FTZ approval to FZ status! Expect great excitement in coming months!
FIGHT FOR EFFECTIVE IMPLEMENTATION OF THE SABAHANS FIRST POLICY.
Tide and time wait for no man, even for a Sabahan. Stop the complaints, don’t look for the easy way out or short cuts. Start grabbing the opportunities, be competitive. Sabahans must stand up and be counted, protect our economic rights and contribute towards the expansion of our economy.
We must retrospect and reflect:
[1] why Sabahans can’t see opportunities that outsiders can see?
[2] Are there are built-in bias against Sabahans in the federal and/or state implementation system?
If it is [2], then I suggest Sabahans must produce the reasons/evidence in the most succinct manner and complain in the strongest possible terms.
- The views expressed here are the views of the writer Datuk John Lo and do not necessarily reflect those of the Daily Express.
- If you have something to share, write to us at: [email protected]
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