Kota Kinabalu: Sabah was honoured as Malaysia’s Most Outstanding State for 2024 at the prestigious Asean International Business Review (IBR) Awards held at the Sabah International Convention Centre (SICC) Saturday night, in view of its impressive economic transformation, strategic planning, and commitment to sustainable development.
The award was presented by IBR Awards Chief Judge, Datuk Seri Azman Ujang, and accepted by Sabah Finance Minister Datuk Seri Masidi Manjun on behalf of Chief Minister Datuk Seri Hajiji Noor.
The recognition was the result of rigorous evaluation by a panel of industry leaders, backed by comprehensive data-driven assessments by expert advisors.
window.googletag = window.googletag || {cmd: []};googletag.cmd.push(function() {googletag.defineSlot('/22826383987/dailyexpress_inline', [1, 1], 'gpt-passback').addService(googletag.pubads());googletag.enableServices();googletag.display('gpt-passback');});In his speech delivered by Masidi, Hajiji credited the State Government’s long-term vision and solid policy foundation for driving Sabah’s ongoing economic revival and investment momentum.
“For the past five years, we have laid the groundwork for a stronger, united Sabah, inviting the world to partner with us in harnessing our natural resources to uplift the lives of our people,” said Hajiji.
Sabah, he noted, is rich in natural assets from gold, copper and silica, to palm oil, cocoa, oil and gas, hydropower, coal and a wealth of marine resources.
The state’s oceans not only yield some of the world’s finest seafood, but also offer immense potential in thermal energy and blue economy ventures.
A key milestone in Sabah’s economic empowerment was the signing of the Commercial Collaboration Agreement with Petronas, granting the state greater equity and influence in its oil and gas sector.
This includes 50pc equity in the Samarang field, 25pc in the Samur petrochemical project, and most recently, a 25pc stake in the USD3.1 billion floating liquefied natural gas (PFLNG 3) facility in Sipitang.
Since September 2020, Sabah has secured RM17.41 billion in approved investments across 73 companies in the manufacturing sector, 52 of which are already operational, creating 3,636 jobs.
From 2022 to 2024 alone, the state received new investment proposals worth RM42.3 billion, projected to generate nearly 33,000 new jobs.
Hajiji also highlighted the transformative potential of the RM31 billion E-steel Enterprise Sabah project launched in June, expected to fuel innovation in green technology and catalyse economic spillovers across the state.
To meet growing investor interest, the State Government has approved three new industrial parks in Kota Belud, Beaufort, and Kudat, the latter designated as a Blue Economy Industrial Park.
Sabah, Hajiji stressed, is committed to remaining investor-friendly, underpinned by policies that encourage collaboration, ensure transparency, and foster a stable business climate. Enhanced air connectivity is also part of Sabah’s investment strategy.
“The new Kota Kinabalu-Taipei-Fukuoka route by AirAsia is a great example of what we hope to see more of, as it supports both tourism and trade,” he added.
The Blue Economy, particularly in Kudat, is seen as a future growth engine. The sector is expected to produce 491,000 metric tonnes of seafood annually valued at RM3.25 billion. Beyond fisheries, it offers opportunities in marine biotech, ocean renewable energy, maritime logistics, and blue carbon.
One promising innovation is Ocean Thermal Energy Conversion (OTEC), with plans for a 500km coastline deployment that could eventually generate 20,000MW of clean energy, a global first in scale.
On infrastructure, Hajiji revealed that RM679.85 million has been allocated this year to tackle immediate water shortages, complemented by long-term projects like the Ulu Padas hydropower dam, which will release 6,000 million litres of water daily.
To support long-term growth, Sabah is also investing in its people. Nearly RM1 billion has been channelled into education and youth development initiatives between 2021 and 2024.
“Sabah’s story is one of resilience, opportunity, and strategic foresight. We are open for business, ready for innovation, and committed to building a prosperous future for all,” Hajiji said.
