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Hajiji: Sabah’s economy to make better recovery in 2022

Hajiji: Sabah’s economy to make better recovery in 2022

 

POSTED ON  DECEMBER 31, 2021, FRIDAY AT 2:12 PM SABAH

Datuk Seri Panglima Hajiji Noor

KOTA KINABALU (Dec 31): Sabah’s economy is expected to make better recovery in 2022, said Chief Minister Datuk Seri Panglima Hajiji Noor.

He said Sabah’s economy is expected to grow at 4 to 4.5 per cent next year.

He said the State Government will strengthen the implementation of existing and new development projects under the 12th Malaysia Plan (12MP) for the period 2021 to 2025, adding that these efforts cover all sectors that will boost economic growth and generate more employment opportunities for the people.

“As most of you know, among the three new initial investments that have been sealed on 22 March 2021 are the multi-billion copper foil manufacturing plant project at Kota Kinabalu Industrial Park worth RM4.2 billion, the Lok Kawi Resort City Project with a gross development value of RM7 billion, and the Integrated Coconut Project.

“We are confident that with the implementation of these projects, Sabah’s economic prospect in the year 2022 is expected to show a better recovery trend, in line with the national and global level.

“The State Government will continue to monitor and ensure that all projects listed in the Federal 2022 Budget and State Budget will be implemented immediately to spur the economy,” he said at the 13th Federation of Chinese Associations Sabah’s (FCAS) Central Committee swearing-in ceremony here on Thursday evening.

Political Secretary to the Chief Minister, Datuk Roland Chia delivered the Chief Minister’s speech.

Hajiji said the implementation of the National Recovery Plan and various stimulus packages by the Federal Government had successfully accelerated efforts in Sabah’s economic recovery.

“With various initiatives implemented by the Government, the negative growth of various sectors in 2020 has showed positive growth in year 2021.

“Therefore, Sabah’s economic growth in 2021 is expected to show a recovery trend and will grow slowly but at a positive rate of 3.8 per cent to 4 per cent.“In my Budget 2022 speech early this month, I have stressed that our strategies and approaches to accelerate development will focus on productive growth sectors and main focus of the State development as outlined in the SMJ Roadmap which are agriculture, industrial and tourism.

“For 2022, we have allocated RM919.18 million for the development of those sectors. The amount involves an increase of RM8.48 million from RM910.7 million in the 2021,” he said.

Hajiji added FCAS plays a key role to assist the Government in the state’s economic recovery.

He urged captains of the industry in FCAS to support the government’s economic recovery efforts after the Covid-19 pandemic.

“For close to two years, we have faced so many challenges due to the pandemic but the State Government has taken various measures to cushion the negative impact of the pandemic and to re-stimulate the growth of the state’s economy.

“Various initiatives have been and are being implemented by the State Government, including reopening the economic sectors and allowing cross-district and state activities. My government is determined to do more and we are committed to intensifying efforts to stimulate economic growth by implementing various development projects and attracting high-impact investments across all sectors.

“With your vast influence, expertise and network, I am confident that FCAS will capitalise on the Government’s initiatives and play your part to assist,“ Hajiji said.

 

News date: 
Friday, December 31, 2021
News source: 
https://www.theborneopost.com/2021/12/31/sabahs-economy-to-make-better-recovery-in-2022-hajiji/