KUCHING: The transformation of Sarawak State-Owned Enterprises (SOEs) is a vital element in ensuring Sarawak achieves its development aspirations and economic targets set for 2030.

Sarawak Financial Secretary Dato Sri Dr Wan Lizozman Wan Omar explained that statutory bodies and SOEs play a major role in driving the state's development through the infrastructure, investment, transport, digital transformation, and social development sectors.

According to him, the Sarawak Government, through the Sarawak Financial Secretary's Office, has implemented various initiatives to reinforce the governance, performance, and long-term sustainability of SOEs.

“As Sarawak steps forward toward realising its Gross Domestic Product (GDP) target of RM282 billion by the year 2030, the role of statutory bodies and SOEs is not only important, but absolutely essential.

“These entities are not mere executors of government policies; instead, they function as drivers of growth that propel state development encompassing infrastructure development, investment, transport, digital transformation, as well as social development.

“The aspirations for the year 2030 can only be realised if these institutions and the people leading them are prepared to face the challenges ahead.

“To ensure SOEs remain relevant and deliver a significant impact, they must continue to evolve and undergo transformation continuously and decisively,” he said.

He said this while speaking at the Sarawak SOEs Transformation Programme: A Pledge for Good Governance, High Performance and Value Creation programme here on Thursday.

The event was officiated by Sarawak Premier Datuk Patinggi Tan Sri (Dr) Abang Abdul Rahman Zohari Tun Datuk Abang Openg.

He added that findings from a conducted study revealed that several SOEs face challenges such as reliance on government grants, limited revenue, underproductive assets, as well as constraints in funding development expenditures.

In relation to that, a transformation framework has been introduced, focusing on cost optimisation, revenue enhancement, and business model improvements to strengthen financial sustainability and organisational performance.

He also emphasised that robust governance, effective risk management, the adoption of digital technology, and capable leadership are among the crucial elements in ensuring the success of the transformation. — UKASnews

Prepared by: Nur Nabilla
Photos by: Hazrin Sunaini
Translator: Ryan Lim