Total Investment In SDC Hits RM107 Billion In First Quarter

By Newmond Tibin KOTA KINABALU (Sabah, Malaysia), April 19 (Bernama) -- The total cumulative committed investment in the Sabah Development Corridor (SDC) has reached RM107 billion (US$34.8 billion) as at the end of the first quarter of this year, said Chief Minister Musa Aman. He said this reflected private sector confidence in the state’s economy following the alignment of SDC and other projects with national-level plans. Musa also announced that the Sabah Economic Development and Investment Authority (SEDIA), a one-stop authority to drive the SDC, has endorsed the governance structure for Entry Point Projects (EPPs). In this respect, a Steering and Delivery Management Office has been established under SEDIA for this purpose, he said in his opening remarks at the Ninth Meeting of Members of the Authority at Wisma Sedia near here on Thursday. He said the structure, which is integrated into SEDIA's existing investment processing and monitoring mechanism, will make SEDIA the One-Stop Authority to plan, attract, process, facilitate and monitor investments into the SDC. "New investments identified as EPPs may be submitted through this mechanism. I believe this will enable SEDIA to help the nation expedite the implementation of the Economic Transformation Programme (ETP)," he said. Musa, who is also State Finance Minister, said the lab for Sabah placed emphasis on aligning the ETP, Government Transformation Programme (GTP) and Tenth Malaysia Plan with the SDC and local development plans. "This process for SDC and Greater Kota Kinabalu identified 31 Entry Point Projects (EPPs) with a target investment of RM77.5 billion (US$25.2 billion) by the year 2020," he said. He said these EPPs are expected to generate RM35.5 billion (US$11.56 billion) in incremental Gross National Income (GNI), and create about 144,000 new jobs. Musa said the implementation of these EPPs is estimated to be able to drive Sabah’s economic growth at an annual average of nine per cent. He said during the launch of the SDC Open Day two months ago, the Prime Minister had made special reference to and applauded the close working relationship between the Sabah and the Federal governments. "The implementation of SDC and the establishment of SEDIA has indeed facilitated and enhanced a closer working relationship between the State and federal governments. "As the chairman of SEDIA, I wish to assure you that all outstanding SDC projects will be carried out, and we will implement new projects including the identified EPPs," he said. Musa said SEDIA will accord greater emphasis on measures to encourage investors to partner or enter into joint ventures with Government-Linked Companies (GLCs) and SDC implementing agencies, and to team up with local entrepreneurs. -- BERNAMA