Phoong Jin Zhe
KOTA KINABALU: Sabah stands at the threshold of a prosperous future, underpinned by robust foreign investments and a vibrant local economy, said Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe.
“With unwavering support both within and beyond our borders, we are poised to transform Sabah into a beacon of economic and opportunity,” he said at the closing of the Sabah Housing and Real Estate Developers Association (SHAREDA) Property Expo (PropEX) 2024 at Sabah International Convention Centre (SICC) here Monday.
Congratulating SHAREDA for another highly successful expo, the Minister said each year, SHAREDA propels the property development sector to new heights.
“As we reflect on the economic landscape of Sabah, it’s clear that property development plays a pivotal role in our state’s prosperity.
“My Ministry has successfully attracted major multinational corporations like SK Nexilis and Kibing Group to invest in our local infrastructure, particularly in Kota Kinabalu Industrial Park (KKIP). Furthermore, our robust oil and gas sector continues to be a cornerstone of our economy.
“As these industries flourish, the demand for housing in proximity to our industrial parks grows. It is crucial that developers continue to build affordable and accessible residences to accommodate the workforce involved in these mega projects. This not only supports economic growth but also enhances the quality of life for our residents,” said Phoong.
He said the collaboration between the private property sector and the State Government is indispensable for the holistic development of Sabah.
“By working hand in hand, we can ensure that development projects are aligned with the Sabah’s government’s urban planning initiatives, environmental sustainability goals, and the overall vision for inclusive growth.
“The private sector’s expertise in innovative design and efficient project execution complements the state government’s role in providing infrastructure, frameworks, and public services. Together, we can create vibrant communities that not only meet the housing needs of our residents but also enhance connectivity, promote greener spaces, and foster a conducive business environment. This synergy not only attracts further investments but also cultivates a sense of ownership and pride among our citizens in shaping the future of Sabah.”
Phoong said the influx of tourists into Sabah, particularly in Kota Kinabalu and Semporna, further stimulates job creation and business opportunities across the state.
“This multiplier effect not only bolsters our local economy but also contributes significantly to Sabah’s overall GDP.”
Looking ahead, a thriving economy instils confidence among both foreign and local investors alike.
“The positive sentiment generated by foreign investments not only attracts additional resources but also catalyzes local entrepreneurship and investment in our communities.”
