Kota Kinabalu: Sabah recorded RM2.4696 billion in approved investments for the manufacturing sector in 2024, a 63 percent increase from RM1.51 billion in 2023.
Minister of Industrial Development and Entrepereneurship Datuk Phoong Jin Zhe said this impressive growth reflects a year-on-year increase of RM959.6 million.
“A key factor behind this growth was the sharp rise in foreign direct investment (FDI), which jumped from RM16.6 million in 2023 to RM962.3 million in 2024. “This was largely due to the Kibing Group’s RM950.6 million investment to expand its third production line at the Kota Kinabalu Industrial Park (KKIP),” he said in a statement on Monday.
Phoong also emphasised that he is confident that Sabah will continue to perform well in 2025.
“Although official first quarter figures from the Malaysian Investment Development Authority (MIDA) are not out yet, he believes investor interest remains strong,” he said.
To support this momentum, the State Government has introduced several initiatives.
“These include upgrading infrastructure in industrial parks, speeding up investment approvals, and promoting opportunities through Invest Sabah Berhad (ISB).
“The Government is also expanding outreach through the Sabah Trade and Tourism Office (STTO) in Singapore and working closely with MIDA to reach global investors.
“In addition, the State is actively conducting overseas investment missions and pushing ahead with the development of the Kudat Blue Economy Industrial Park, Kota Belud Industrial Park, and Beaufort Industrial Park,” Phoong said.
He emphasised that the continued investment by Kibing Group reflects growing international confidence in Sabah, noting that foreign direct investment now accounts for 39 percent of total manufacturing investment, a sharp increase from just 1.1 percent in 2023.
“To keep this momentum going, the Government will improve investment services, including setting up a One-Stop Investor Service Centre,” he said.
He reaffirmed the Government’s commitment to using policy tools like the Industrial Development Fund to attract high value-added industries, ensuring that investments contribute significantly to economic growth and job creation.
