YAB. DATUK SERI PANGLIMA HAJI MOHD SHAFIE BIN HAJI APDAL
CHIEF MINISTER OF SABAH
WIEF ROUNDTABLE KOTA KINABALU, SABAH
The Magellan Sutera Resort, Sutera Harbour Resort, Kota Kinabalu, Sabah
12 MARCH 2020
YB DATUK SERI PANGLIMA WILFRED MADIUS TANGAU, DEPUTY CHIEF MINISTER AND MINISTER OF TRADE AND INDUSTRY, SABAH
YBHG. TAN SRI AHMAD FUZI HAJI ABDUL RAZAK, SECRETARY GENERAL OF WIEF FOUNDATION
LADIES & GENTLEMEN
Assalammualaikum w.b.t and a very good morning to all.
- First and foremost, it is my pleasure to welcome all of you, particularly those from abroad to Sabah, “the Land Below the Wind” and to the WIEF Roundtable, Kota Kinabalu.
- Thank you to the World Islamic Economic Forum (WIEF) Foundation, particularly to the Hon. Tun Musa Hitam for allowing Sabah to host this year’s Roundtable, the first in Malaysia. It is an honour for the State Government of Sabah and we are proud to be part of this prestigious event.
Ladies and gentlemen,
- Reuters has reported that the Asia Pacific economies are expected to slow down this year due to the uncertainty around U.S.-China trade tensions as well as the international impact of the Covid 19. Any slowdown in major global economies could further hurt the region’s exports and impede its development.
- Economic growth in the region is forecasted to slip from 6.3% in 2018 to 5.8% in 2019.
- Whether we like it or not, the international trade tension is going to affect our economy. According to Malaysian Rating Corp Bhd (MARC), Malaysia’s real gross domestic product (GDP) growth is forecasted to decelerate to 4.3% in 2020, below the government’s forecast of 4.8%, due to weaker external trade performance and softer domestic demand growth,
Ladies & gentlemen,
- Every state in Malaysia is responsible to stimulate it’s own economy, to ensure that our nation’s economy remains stable, and enhanced. Realizing this, Sabah has come up with a development-centric Budget for year 2020, which targets the transformation of the economy into an industrial-based one.
- To spur the state’s economy, key industries such as manufacturing, tourism, agriculture, technology and education, have been identified to drive growth during the 2021-2025 period of the 12th Malaysia Plan.
- Sabah’s spending in 2020 will prioritise on economic development, with an allocation of RM896.32 million, to grow the aforesaid key industries. Policy frameworks such as the Agriculture Blueprint (2021-2030), Sabah Timber Industry Master Plan and Sabah Oil and Gas Industry Master Plan will support the State’s economic diversification goal.
- In line with these development plans, Sabah Government pays particular attention to the issues relating to our environmental preservation and protection. It is important for us to ensure a right balance between development and the preservation of our natural environment.
- Evidently, something drastic needs to be done to rejuvenate our economy. The theme chosen for this Roundtable couldn’t be more apt. “Economic Rejuvenation: The Path to Growth”. It is in line with Sabah Development Corridor Initiatives, planned to economically catapult Sabah into a regional investment powerhouse.
Ladies and gentlemen,
- Looking at the topics of today’s Roundtable, I trust that we will all gain abundant of knowledge and solutions to various economic challenges. I especially am very attracted to the session on, “Indonesia’s Shifting Capital: Opportunities for Borneo”.
- The move by the Indonesian government is an opportunity for the neighbouring countries to collaborate. Together, we can make a bigger impact in ensuring that high profile investment deals are in place in the next 20 to 30 years, benefiting the people of Malaysia, Indonesia and Brunei.
- I believe this Roundtable will also address business and investment opportunities in Sabah. I am confident that our policies and incentives offered by the State will help persuade you to consider doing business and invest in Sabah.
Ladies & gentlemen,
- I sincerely hope you take full advantage of this WIEF Roundtable. Get as much knowledge as you can, make as much connection as you can. This kind of opportunities are rare to come by.
- Once again, to those who are not from Sabah, I welcome you to this beautiful state. Spend some time exploring the Sabah exhibition, have fun exploring the city and its nature. Try the food, mingle with the people. I wish you all the best for this Roundtable and have a safe trip home.
- I end my address with a quote by Warren Buffett, “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”.
- I hereby declare the WIEF Roundtable, Kota Kinabalu 2020 open.