KUCHING: Sarawak is projecting potential investments worth up to US$7 billion over the next 10 years through strategic cooperation with major Chinese industry players, strengthening its position as a regional leader in the green economy.
Premier of Sarawak Tan Sri Abang Johari Tun Openg said the projection follows the signing of several memoranda of understanding (MoUs) involving Petroleum Sarawak Berhad (PETROS), China Jiangsu International Economic Technology Cooperation Group Ltd. (CJI), and seven leading Chinese companies committed to developing the Kuching Low Carbon Hub (KLCH).
He noted that the strong interest shown by the companies reflects growing confidence in KLCH’s potential to emerge as a globally competitive low-carbon industrial hub.
“This scale of investment will create substantial employment opportunities, particularly in high-skilled sectors, in line with efforts to raise household income levels,” he said in a statement issued by the Sarawak Public Communication Unit (UKAS).
The MoU signing ceremony was held at CJI’s headquarters in Nanjing, China, where Abang Johari also witnessed the signing of a Framework Agreement between PETROS and CJI.
He added that the large-scale investments are expected to boost Sarawak’s gross domestic product (GDP), with the state targeting RM282 billion by 2030.