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Sarawak inks MoA with China firm for steel industry

Steel News - Published on Fri, 17 Feb 2017

Image Source: The Borneo Post
The Borneo Post reported that Sarawak has signed a Memorandum of Agreement with a China-based company to invest USD3 billion (RM13 billion) in the steel industry in Samalaju Industrial Park. Minister of Industrial Development Datuk Amar Awang Tengah Ali Hasan said that the company is currently conducting a feasibility study and the result would be known in June.

Mr Awang Tengah told the media that “We have signed the MoA with just one company from China for the proposed steel industry at Samalaju Industrial Park.”

Earlier in his speech, he revealed that Sarawak had for two consecutive years managed to attract the second largest investment after Johor in 2014 and 2015.

He said that “In 2014 and 2015 Sarawak had managed to retain its position as the second most attractive in Malaysia with a total investment of RM9.64 billion after Johor which has RM21.1 billion. And in 2015, we attracted an investment worth RM11.81 against Johor’s RM31.1 billion adding that he has no statistics for last year yet.”

On another note, Mr Awang Tengah, who is also the Second Minister of Resource Planning and Environment, pointed out that 97% of the country’s economy was based on small medium enterprises.

He said that “This shows how important SMEs are to our economy. So I hope all of you who are present here today will take up this challenge to become successful entrepreneurs a reality. Of course, you have to start your business from small, then you will grow. But the most important thing is that you must be serious and be focused on your undertakings. No business can just suddenly become big and successful if the owners are not working very hard.”

Mr Awang Tengah also hoped that more people from Tanjong Datu will take up their own business seriously. He added that “Never be shy to sell cakes, handicraft and furniture. We all have to start somewhere. And if we persevere we will succeed.”

Source :

Posted By : Rabi Wangkhem on Fri, 17 Feb 2017
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