Five years of transformation phase of Sarawak's economic consolidation

KUCHING, 21 Oct: The next five years will be an important phase of transformation of Sarawak's economy in the effort to shift from consumer technology to creator technology, thereby strengthening state competitiveness on a global scale.

Sarawak's prime minister, Datuk Seri Tan Sri Abang Johari Tun Openg said the transition was crucial to allow Sarawak to emerge from the middle-income trap and develop a high-value economy.

According to him, the last five years have been used to build strong economic foundations through sector diversification, strategic investments, infrastructure development and strengthening of state financial position.

"The next five years are a transitional period for us to be the creators of technology", he said, speaking at the GPS Backbenchers Night Conference on 'One for All, All for One' at the Sheraton Hotel, here.

Brother Johari said Sarawak needs to move away from disruptive activities such as installation and manufacturing of technological components to the development of innovation and the ability to produce its own technology.

He made it clear that dependence on technology developed by other parties could limit the state's economic potential to grow to a higher level.

In this regard, the development of human capital should be given priority, especially in equipping Sarawak's young generation with new technology-related skills and knowledge.

He said that the development of high-value industries is capable of creating more high-income employment opportunities, thus encouraging the skilled workforce of Sarawak children abroad to return to serve in the state.

In terms of infrastructure development, Abang Johari also advocated the implementation of strategic projects including Autonomous Transit Flow System (ART) and port development which were deemed important to support long-term economic growth.

He said the state's increasingly strong financial position and dominance over strategic assets, including majority holdings in Affin Bank, enabled the government to continue implementation of large-scale development projects.

At the same time, the state's development direction through Post COVID-19 Development Strategy 2030 (PCDS 2030) has also attracted international investors, especially in the energy and technology sector.

Commenting on global economic developments, Brother Johari said Sarawak should take advantage of opportunities from Asian economic growth, including key markets such as China, India, Japan and South Korea.

He also reminded the people's representatives to adapt their approach to leadership with changing political landscapes, especially in addressing young voters aged 18 and over who are increasingly knowledgeable, tech-savvy and have higher expectations of leadership ability.

Thus, he stressed the importance of creating a line of layers of leadership capable of adapting to changing economies and societal needs.

Brother Johari said the development foundations built over the last five years will be a catalyst for the next phase of transformation to keep Sarawak competitive and achieve the state's long-term development aspirations. -TVS