Capturing The State's Economic Milestones For 2012

The article " Sabah: Year in Review 2012" published in Borneo Post Online (on December 16, 2012, Sunday) has caught Sabaheco's attention. From the tittle itself it gave a clear impression that this article is basically 'sumarize' some significant milestones and achievements in Sabah's Economy for 2012.

In essence, the article anchors on two key ingredients: Solid Investment Figures and State Financial Management. Each compliment the other which has proved indefinitely as the perfect marriage for an economical sucess for the "Land Below The Wind".

The article draws our attention to the private sector investments increase by 19.4%(  that is RM94 billion or US$30.85 billion) in 2011 compared to 2010 and has maintain momentum in 2012. It was noted that some RM114 billion (US$37.31 billion) worth of investment had been recorded in the state since the 2008 launch of the Sabah Devel­opment Corridor (SDC). The sole purpose of SDC is to triple the state’s gross domestic product (GDP) per capita and increase total GDP four-fold by 2025.

Coming back to the state’s fiscal responsibility; in Sep­tember, local agency RAM Rat­ings reaffirmed the ‘AAA’ rating of the state government’s bonds for a fourth consecutive year.

As RAM puts it; “The rating reflects Sabah’s rich natural wealth, which re­mains key to spurring economic growth, the government’s strong revenue-adjustment capacity, its healthy fiscal position, and its supportive relationship with the federal government. These strengths balance the challenge of unlocking Sabah’s long-term development potential.”

Sabah is capitalizing this potential via  playing a key role in the Brunei Darussalam, Indonesia, Malaysia, Philip­pines-East Asia Growth Area (BIMP-EAGA) initiative. In October, Musa noted 'that sig­nificant improvement in Customs and trade procedures had been achieved among the members in 2012.' Agricul­ture, tourism, manufacturing, and oil and gas are the fous in the initiative.


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