Phoong giving his welcoming speech at the Sabah-China Business Summit 2024.
KOTA KINABALU (Nov 22): The State Government will continue to attract more Chinese investments to set up factories in Sabah, increasing bilateral trade volume, said State Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe.
Phoong said after hard work in recent years, Sabah’s manufacturing sector’s Gross Domestic Product (GDP) grew by 4.4 percent in 2023, the highest among all states for the year.
He said the sector’s GDP contribution had nearly fallen below seven percent, which meant that Sabah almost had no industry at all, but fortunately, the figure has now climbed to 7.3 percent.
“We succeeded in achieving the fastest GDP growth rate for the manufacturing sector last year, but we cannot stay there. We cannot be rich without jobs.
“A state’s economy will not be prosperous without an industry or if the industry is not large enough,” he told reporters after officiating the Malaysia (Sabah) – China Business Summit Economic Forum and Expo at the Sabah International Convention Centre here today.
Phoong said the State Government does not need to set specific goals for recruiting investments from China, and the most important thing is to create more platforms and opportunities so that local companies can make use of them.
“It is impossible to double the amount of Chinese investments you attract within one year.
“You build the business slowly and attract more investments. That’s what trade is like,” he said.
He said that the State Government’s industrial development areas will be expanded for renewable energy, and they are also committed to agriculture, transportation and Blue Economy.
The minister also hoped for more Chinese companies to set up factories in Sabah and cooperate with local companies to promote Sabah’s industry.
Regarding the Malaysia (Sabah) – China Business Summit, he expressed gratitude to the participants from various parts of China as well as other countries in commemorating the 50th anniversary of Malaysia – China diplomatic relations.
Phoong said the theme of the event, “Sabah: A Future Together”, was set in the belief that in creating more space to work together on investment, business opportunities and trade, a better future can be built not only for Sabah, but all the entrepreneurs who had gathered for the summit.
He hoped that it will be a fruitful and successful session throughout the three-day event, with various activities prepared for the participants such as an economic forum with seven topics including agriculture, tourism and Smart City, an expo, as well as a cultural night show on the third day, November 24.
“Sabah may be best known for its beautiful sunsets and Mount Kinabalu, but now, it has become a promised land that is filled with opportunities and potential investments.
“With that, we hope that every one of the participants of this summit will have a wonderful session throughout it, as we strive to build stronger ties together,” he said.
