THE Sarawak government’s top priority now is to build the physical and digital infrastructure to improve the efficiency of the state’s economy and link it to the global markets, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
“We are aware that Sarawak’s current economic model is easily influenced by the fluctuation of prices of commodities, particularly crude palm oil, oil and gas.
“Based on the past trends, these primary commodities were our main sources of revenue.
“Thus, to emerge as a stronger region, we must embark on a full-fledged transformation and capitalise on mega-trends around the world. Our focus is on restructuring and diversifying our economy into high value downstream industry,” said Abang Johari when delivering his winding-up speech at the DUN sitting yesterday.
The premier said the state should be innovative, productive and resilient in the volatile global business environment.
“Therefore, with small domestic markets, we need to scale up productions and develop more export-oriented activities while ensuring clean and healthy environment through adoption of innovation and digitalisation to spur productivity growth.
“This will broaden our economic supply chain. Sarawak economy will be more sustainable to shocks in spite of the many unprecedented crises that may arise in the future.
It will also create more high paying jobs and entrepreneurship opportunities as well as generate more private sector investments,” he pointed out.
Abang Johari added that the spillover from all these new economic activities would translate to higher household incomes.
“This is important because we want to ensure our economic prosperity is equitably distributed and shared by all rakyat,” he said.
Abang Johari also disclosed that the state Post COVID-19 Development Strategy (PCDS) 2030 was targeted to grow at an average of between 6.0 to 8.0 per cent per annum.
“The plan is to address reforms of Sarawak’s economy as it moves towards a high income and developed state by 2030.
“I am confident we will be able to take this leap of faith in achieving the target and Sarawak’s aspiration through a new economic model. Although to some the target is high, I am certain with new growth areas and promising prospects, the average of 6.0 to 8.0 per cent growth per annum is achievable,” he said.