{"id":31976,"date":"2024-07-03T21:16:04","date_gmt":"2024-07-03T13:16:04","guid":{"rendered":"https:\/\/malaysia-chinasummit.com.my\/?p=31976"},"modified":"2024-07-09T21:42:09","modified_gmt":"2024-07-09T13:42:09","slug":"sabahs-public-and-private-sectors-told-to-leverage-the-strong-economic-ties-with-china-and-asean","status":"publish","type":"post","link":"https:\/\/malaysia-chinasummit.com.my\/cn\/sabahs-public-and-private-sectors-told-to-leverage-the-strong-economic-ties-with-china-and-asean\/","title":{"rendered":"SABAH’S PUBLIC AND PRIVATE SECTORS TOLD TO LEVERAGE THE STRONG ECONOMIC TIES WITH CHINA AND ASEAN"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tKOTA KINABALU (3 July 2024):<\/b> Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor has called\u00a0upon the public and private sectors in Sabah to leverage the strong economic ties with\u00a0China and Asean to foster economic synergy in shaping future regional collaboration\u00a0and economic development.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\tHe said China is still Sabah’s largest trading partner chalking a bilateral trade value totalling\u00a0RM10.7 billion last year. `In 2023, Sabah\u2019s total trade was valued at RM41.463 billion, with main exports\u00a0comprising Palm Oil at RM15.291 billion, Liquefied Natural Gas (LNG) at RM5.051\u00a0billion, Crude Petroleum at RM2.548 billion, Palm Kernel Oil at RM1.289 billion, and\u00a0Palm Oil-based Oleochemicals at RM1.123 billion.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\tHe added, Sabah’s economic ties with China were driven by strong trade,\u00a0investment, and collaborative projects across sectors.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t“Out of this, our bilateral trade with China totalled RM10.654 billion, making it Sabah\u2019s\u00a0largest trading partner,” he said at the Malaysia-China Summit (MCS) 2024: Networking\u00a0Engagement Series in Sabah here today. His speech was delivered by Assistant Minister to the Chief Minister Datuk Nizam Abu\u00a0Bakar Titingan\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\tMCS 2024 is organised by the Malaysia External Trade Development Corporation (MATRADE) and Qube Integrated Malaysia Sdn Bhd for 17 \u2013 19 December 2024. It will feature a three-day International Trade and Investment Expo with over 500 exhibitors from Malaysia, China, and ASEAN, and a two-day Leadership Conference promoting regional cooperation and economic growth.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\tAnchored by five thematic pillars covering 21 sectors, the summit is themed \u201cProsperity Beyond 50\u201d, and celebrates 50 years of Malaysia-China relations\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Hajiji added: “For the manufacturing sector, our state has received RM3.07 billion in investments from China to date, which have created 3,086 jobs. These investments involved solar glass manufacturing, silica and processing, food manufacturing, rubber products, wood-based products, and plastic products,”.<\/p>

He also highlighted that the palm oil sector is one of Sabah’s economic cornerstones\u00a0and as a leading producer of the commodity in Malaysia, Sabah plays a critical role in meeting\u00a0the global demand for this versatile commodity.<\/p>

Sabah contributed 24 per cent of Malaysia’s total crude palm oil production at 4.5 million\u00a0tonnes, which is a significant national contribution and showcases the state\u2019s leadership\u00a0in driving and playing a key role in enhancing our trade and investment for this important\u00a0commodity, he said.<\/p>

In line with the global environmental standards, 80 per cent of palm oil plantations in\u00a0Sabah have achieved the Malaysian Sustainable Palm Oil Certification as of last year,\u00a0he said.<\/p>

Besides that, Hajiji said there are ample opportunities for investors from China and\u00a0Asean in green technology, high-tech agriculture, and mixed developments.<\/p>

Sabah is also pitching to Chinese investors to explore the state\u2019s Blue Economy
concept, which involves the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs.\u00a0<\/p>

\u201cWe look forward to increased cooperation with China in green energy, manufacturing, high-technology agriculture, and smart city construction, among other\u00a0areas, to promote mutual benefits and win-win partnerships.<\/p>

“While oil and gas remain important revenue streams for Sabah, we welcome investors\u00a0also to explore solar and storage technologies, hydro, geothermal, and carbon market\u00a0opportunities,” he added.<\/p>

Meanwhile, Hajiji said China is the largest source of foreign tourists to Sabah with 135,855 of the\u00a0396,564 international arrivals for the first four months this year from the People’s\u00a0Republic of China.\u00a0<\/p>

He believed the Malaysia-China Summit 2024 represents not only a significant platform\u00a0for strengthening bilateral trade and investment but also an excellent opportunity to\u00a0highlight and further develop Sabah\u2019s thriving tourism sector.\u00a0<\/p>

“Our two countries have had a long history of good bilateral relations and in the past\u00a0few years, we have experienced remarkable progress in exchanges and cooperation in\u00a0various fields – trade, investment, education, culture, tourism, and beyond.\u00a0<\/p>

“Sabah supports this initiative as a platform to further enhance our bilateral relations and\u00a0shared prosperity to include ASEAN, thereby strengthening our regional economic\u00a0integration,” he said.<\/p>

MATRADE Board Member Dato Mohammad Medan Abdullah thanked the state government for its support in participating\u00a0 at MCS 2024 with a dedicated pavilion.<\/p>

\u201cThis summit will provide opportunity for Sabah to highlight its strengths in key sectors for trade and investment, including in its aim to develop renewable energy,\u201d he said.<\/p>

Highlighting Sabah\u2019s strategic importance, he added, \u201cAs a vibrant economic hub, Sabah offers unique opportunities and plays an integral role in Malaysia-China relations, bringing essential perspectives for trade diversification and resilience.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\tHe also noted that Sabah\u2019s innovative solutions and sustainable practices are highly valued in international markets and that the state’s presence at MCS 2024 will highlight its innovation and sustainability across sectors.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\u201cSabah\u2019s high connectivity makes it popular among Chinese tourists, enhancing trade opportunities. Businesses can forge new partnerships, tap into cutting-edge technologies, and attract investments to catalyse growth at the summit.<\/p>

\u201cWe believe MCS 2024 will create significant opportunities for Sabah companies as we aim to unlock RM2 billion in potential trade and investment,\u201d Mohammad Medan added.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

At the MCS 2024: Networking Engagement Series in Kota Kinabalu, Sabah Chief Minister reaffirmed the state\u2019s commitment to fostering strong economic ties with China and ASEAN. He encouraged both the public and private sectors to leverage the Malaysia-China Summit 2024 to achieve this goal. The event was attended by over 200 guests.<\/p>","protected":false},"author":1,"featured_media":31995,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-31976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-media"],"yoast_head":"\nSABAH'S PUBLIC AND PRIVATE SECTORS TOLD TO LEVERAGE THE STRONG ECONOMIC TIES WITH CHINA AND ASEAN - MALAYSIA - CHINA SUMMIT 2024<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/malaysia-chinasummit.com.my\/cn\/sabahs-public-and-private-sectors-told-to-leverage-the-strong-economic-ties-with-china-and-asean\/\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SABAH'S PUBLIC AND PRIVATE SECTORS TOLD TO LEVERAGE THE STRONG ECONOMIC TIES WITH CHINA AND ASEAN\" \/>\n<meta property=\"og:description\" content=\"At the MCS 2024: Networking Engagement Series in Kota Kinabalu, Sabah Chief Minister reaffirmed the state\u2019s commitment to fostering strong economic ties with China and ASEAN. 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