KUCHING: Sarawak is looking to attract more investments from South Korean companies in high-growth sectors such as renewable energy, aerospace and advanced manufacturing as part of its strategy to drive economic transformation and sustainable development.

Sarawak Deputy Premier Datuk Amar Awang Tengah Ali Hasan said this during a courtesy visit by Malaysia's Ambassador to the Republic of Korea, Dato' Mohd Zamruni Khalid, at his official residence recently.

In a statement on Sunday, it said the meeting discussed potential collaboration between the Embassy of Malaysia in South Korea and federal agencies, including the Malaysian Investment Development Authority (MIDA) and the Malaysia External Trade Development Corporation (MATRADE), to further promote Sarawak as a preferred investment destination for industries linked to the new economy.

Datuk Amar Awang Tengah noted that Sarawak had recorded investments totalling RM116 billion across the primary, services and manufacturing sectors over the past five years.

He said the investments included contributions from South Korean companies operating in the advanced manufacturing sector, particularly OCI and Lotte.

Expressing optimism over Sarawak's investment prospects, he said he hoped more South Korean companies would follow the example set by these firms and establish operations in the state.

According to him, such investments have a significant impact on Sarawak's socio-economic development by creating business opportunities and generating employment for local communities.

He added that the investment drive is in line with the Post-COVID-19 Development Strategy (PCDS) 2030, which identifies private investment as a key engine of economic growth.

Meanwhile, the Embassy of Malaysia in South Korea, together with MIDA and MATRADE, reaffirmed their commitment to supporting Sarawak's aspirations and the Federal Government's strategy to position the state as a hub for the aerospace and semiconductor industries. -UKASnews

Prepared by: Uilson Ng