Investors in these sectors will be attracted by Sarawak’s competitive advantages, such as cheap, dependable energy supplies, abundant natural resources and access to a young, well-educated, English-speaking workforce, and by a range of generous tax breaks, capital allowances and investment incentives.
The Strategic Framework consists of three pillars
These are industrial development strategy, the marketing strategy and the institutional development strategy – which will drive development in the corridor.
These pillars are supported on three solid foundations – the power sector development strategy, the infrastructure development strategy and the human capital development strategy.
This development philosophy is built around a close collaborative partnership between public and private sector investors. By 2030, RM 334 billion will have been invested in industrial projects, the power sector, physical infrastructure, human capital development and improved infrastructure and institutions. Industrial investments, driven mainly by the private sector, will account for RM 200 billion of this money.
Strategic Framework for corridor development
Identify and drive relevant investment
Tax breaks and other incentives are available for priority industries that commit to new projects around the three major growth nodes within SCORE, Tanjung Manis in the south, Mukah in the central area, and Samalaju in the north.
The emphasis will be on attracting foreign investment in capital intensive heavy industries and ‘trigger’ projects that will stimulate the growth of downstream processing and secondary businesses and on expanding resource-based industries like timber, palm oil and tourism.
Establish world-class infrastructure and institutions
Impressive progress is being made towards creating the transport links, water supplies and telecommunications services needed to support rapid business growth. This essential infrastructure is complemented, as it must be, by efficient and transparent institutions, an investor-friendly business environment and agencies, such as RECODA, that are fully committed to promoting and supporting the full range of strategic development initiatives.
Fast-track development of hydropower
A key element in attracting investment will be SCORE’s unlimited potential to generate and deliver affordable and reliable electricity supplies to power energy-hungry industries and underpin progressive expansion into the heartland.
Investors in SCORE will benefit from the vast supplies of clean energy coming onstream from the new Murum and Baleh dams and other hydroelectric schemes. Alongside this, the region offers the potential for many new mining projects that will provide new sources of local coal for power generation.
Accelerate human capital development
Skills development, capacity building and education and training will be key factors in meeting the needs of SCORE’s fast-expanding industrial base. These requirements are being met through the creation of new universities, colleges and training centres for Sarawak’s people and by the introduction of realistic, sector-specific immigration policies based on the particular skills needed by investors in the ten priority industries.
Develop Sarawak’s unique tourist potential
Careful planning and investment will support the growth of a sustainable tourist industry with unique international appeal. The focus will be on the region’s rich cultural heritage and traditions and its many natural attractions, including excellent beaches, picturesque lakes and waterfalls, rugged mountains and tropical rainforests rich with unique wildlife that can be found nowhere else on the planet.
To learn about the exciting opportunities for private investors to participate in infrastructure projects in SCORE, please contact RECODA.