SEPTEMBER 2024
Sarawak’s Star Economy Status To Benefit Supporting Sectors - Premier
KUCHING, Tues: Sarawak's expanding economy towards becoming a star economy in the region will spur various supporting services, insurance services in particular, Sarawak’s Premier, Datuk Patinggi Abang Haji Johari Tun Abang Haji Openg said here last night.
For the insurance industry to grow, assets of major value in Sarawak would have to be established that needed to be protected by insurance cover, he pointed out.
The Premier was speaking at the 50th anniversary of Perinsuran Brokar, an insurance company initially established in Sarawak and based in Kuala Lumpur.
He noted that in the 80s opportunities for the insurance industry in Sarawak to flourish was limited as there were few assets of value except for the presence of the LNG in Bintulu and later large oil palm plantations.
He said industrialisation only took root in the 90s with the setting up of industrial zones like Samajaya to kickstart the manufacturing industries.
He told guests at the dinner that Sarawak’s focus now was to establish high impact industries in order to develop Sarawak into a technologically advanced economy in the region.
Citing large two scale hydrogen production by Korean and Japanese companies in Bintulu, he said these two facilities with a combined cost of RM8 billion would further boost the underwriting capacity in Sarawak, he said.
He also cited the establishment of the newly-formed supply based for the O&G industry in Bintulu which he launched earlier in the day as part of Sarawak's expanding economy to benefit many sectors of the economy, the insurance industry included.
He expressed his belief that Sarawak future also hinges on its ability to interconnect with neighbouring ASEAN countries, especially in the supply of renewable power through the ASEAN grid.
He reiterated Sarawak’s readiness to be part of the nation’s aerospace industry where the state had been picked as a satellite launch site by the federal government.
As such, Sarawak was preparing its young people to acquire knowledge in aeronautics and avionics while taking steps to be an advanced centre for compound chips meant for the space industry.
Earlier, Perinsuran CEO, Rafidah Adenan also spoke at length to relate her 50 years experience at the helm of the company and the challenges faced since the company’s founding in 1974.
Also present were the Minister for Women and Community Development, Dato Sri Hajjah Nancy Shukri and state deputy ministers.