Sabah to bank on ESG concept to leapfrog its industrial development

 By Olivia Miwil - March 14, 2023 @ 9:40am

State Industrial Development and Entrepreneurship minister Phoong Jin Zhe said it was undeniable that Sabah could no longer compete with other industrial states that have a mature system. - Pic courtesy of MIDE.

KOTA KINABALU: Sabah is banking on the Environmental, Social and Governance concept to develop its industrial sector.

State Industrial Development and Entrepreneurship minister Phoong Jin Zhe said it was undeniable that Sabah could no longer compete with other industrial states that have a mature system.

"But Sabah is very unique due to our strategic location and our former leaders and activists (who made Sabah) as one of the greenest states in Malaysia. We use green energy to power our electricity instead of using coal power plants.

"For multinational corporations, because of the Paris Agreement which makes them fulfil ESG practices, those companies have to convince their customers that their products are green or from a green ecosystem.

"That is why, we are going to lure and attract new green industry to Sabah, by skipping the traditional process of industrialisation," he told reporters last night after said a sending-off ceremony for 28 local engineers to upskill in China.

Phoong said he believed that 2023 would be a year of opportunity with investments on green products ongoing and coming in.

Among them is the Kibing Group's RM2.48 billion investment on production of solar glass.

"The world will become greener and sustainable, therefore, building and developing solar is something in demand in the future."

Earlier, he said the 28 engineers would be the first batch to undertake a three-month advanced skills course at Zhangzhou Kibing Photovoltaic New Energy Technology Co.Ltd in China.

Present at the event was Kibing Group's representative Yao Xinxi.