Tap RM1b investment fund, local players urged

KOTA KINABALU: Local investors have been urged to study the eligibility requirement to be entitled for the Domestic Investment Strategic Fund of RM1billion offered by government.

Datuk Azman Mahmud

The fund, announced in July by Prime Minister Datuk Seri Najib Razak, aims to speed up the shift of Malaysian businesses into high value-added industries.

Malaysian Investment Development Authority (Mida) deputy chief executive officer Datuk Azman Mahmud said the fund would be given to applicants on a first come, first served basis and this would be applied to all states in the country.

"There is no specific quota allocation applied to any state.

"Therefore, we are urging all companies in Sabah to apply and try their luck," he said after launching a seminar in promoting investments in the state yesterday.

Azman added that the Federal Government had not only provided allocations for investment but also for infrastructure development in Sabah.

"This is to provide equal platform for everybody, to ensure the state enjoys the same development as the peninsula."

Earlier, Azman said the government had identified furniture, tourism, oleo-chemicals and renewable energy as high-growth sectors.

Last year, Sabah's furniture export was valued at RM43.1million.

This year, between January and August, Sabah's tourist arrival recorded 1.8 million visitors; and Sabah also has the largest area of oil palm plantation compared with other states, covering 1.36 million hectares out of a total of 4.69 million hectares.

He said between January and September this year, the state had approved investments valued at RM4.8 billion in the manufacturing sector, of which 95.6 per cent were from domestic sources while the rest were from foreign direct investments.

Azman added that the government's current focus was towards attracting quality investments.

"We encourage investments in new growth areas in emerging technologies, capital intensive, high value-added and high technology, knowledge-based and skills intensive industries.

"Investors, particularly here in Sabah, are, therefore, encouraged to explore investment opportunities in these areas, either on their own or in the form of joint ventures with foreign investors."