Kota Kinabalu: State Industrial Development and Entrepreneurship Minister Phoong Jin Zhe is positive that locals are on track in expanding their businesses internationally through the 2023 Sabah International Expo (SIE2023).
He said the four-day event which kicked off on Thursday was held at the Sabah International Convention Centre for the first time, featuring 340 booths with participants from 20 countries.
“Four memorandums of understanding (MoU) relating to food trade have been signed with Brunei and Sarawak (during the event) thus far.
“It’s an advantage for Sabah which is gaining global recognition for its food industries. But we cannot be satisfied with food, we want other industries to flourish,” he told a press conference.
SPONSORED CONTENT Daily Express members: Enjoy 1 for 1 signature cocktails and more at Hyatt Centric Kota Kinabalu Kota Kinabalu: DAILY EXPRESS is partnering with Hyatt Centric Kota Kinabalu to offer an exclusive deal for our members. Read more Phoong said he was keen on looking into opportunities for Sabah in non-Asean countries like Kazakhstan and Zimbabwe present at SIE2023.
He also urged local business to be brave and to embrace the local market beyond.
“Sabah only has four million population, so there are limitations. I encourage entrepreneurs from the the manufacturing and food industry to tap into the global market because we have great opportunities.
“Less than 10 per cent of Sabah’s business are exporters, including that to the peninsula. It’s relatively low, the lowest in the region perhaps.
“Sabah is having structural challenges where export activities are too low compared to other states.
“There are consequential factors such as high shipping costs. But entrepreneurs need to participate. Small and medium enterprises play significant roles in opening doors to the global market,” he added.
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