KOTA KINABALU: Sabah received investments worth RM4.3 billion via three memoranda of understanding (MoUs) signed in conjunction with the inaugural Sabah International Business and Economic Summit (SIBES) 2022.
The MoU signing ceremony was witnessed by Chief Minister Datuk Seri Hajiji Noor during the end of the two-day summit at the Sabah International Convention Centre (SICC) here today.
The first MoU was signed between Sabah Agriculture and Fisheries Ministry and BorneoMed Sdn Bhd to develop an integrated herbal plantation (SIHP), with an investment of RM350 million.
The ministry was represented by its permanent secretary, Datuk Dr Mariana Tinggal while state attorney general Datuk Nor Asiah Mohd Yusof witnessed.
BorneoMed was represented by its chief executive officer Ahmad Fauzi, witnessed by the company's executive director Francis Sina.
BorneoMed's investments include commercial technologies such as planting materials, high density and high yield planting technologies, Internet of Things (IOT) systems, smart agricultural digitisation, commercial processing equipment, warehousing systems as well as other infrastructure and facilities.
The second MoU was between the Sabah Industrial Development Ministry and an investor from China – SBH Kibing Solar New Materials (M) Sdn Bhd, to develop a silica sand processing plant and produce solar panels with an initial investment value of RM2 billion.
Signing on behalf of the ministry was its permanent secretary Thomas Logijin, witnessed by Nor Asiah, while SBH Kibing was represented by its president Lin Hai, with its chief executive officer Yao Xin Xi as witness.
The silica sand processing and solar panel manufacturing project will create 2,000 jobs, of which 80 per cent will be reserved for local workers. The entire operation is expected to commence in 2024.
The location of the solar panel plant, to be determined later, will be either in the Kota Kinabalu Industrial Park (KKIP) or at the Sipitang Oil and Gas Industrial Park (SOGIP). It requires an area of 52.6ha.
The third MoU was between Yayasan Sabah and Pavilion Kota Kinabalu Sdn Bhd for the development of Pavilion Harbour City with a gross development value (GDV) of RM2 billion.
Yayasan Sabah was represented by its director and Innoprise Corporation Sdn Bhd executive chairman Datuk Gulamhaidar Khan Bahadar, witnessed by its corporate secretary Hanafiah Diman.
Pavilion Kota Kinabalu was represented by its director, Jameson Pias and witnessed by its general manager, Timmy Gan Ve Li.
Pavilion Kota Kinabalu is an affiliate of the Pavilion Group which is well known for commercial and luxury residential development.
The proposed development covers an area of 12.1ha of sea-land adjacent to the northeast border of SICC and will be completed within 10 years.
The project will feature residences, a seaside restaurant, a fish market, a luxury hotel for accommodation and recreational activities.
The project is expected to create job opportunities for about 1,000 site workers and about 2,000 jobs in the service industry when completed later.