KUCHING, Sarawak, Malaysia, January 18, 2011 /PRNewswire/ -- Sarawak's economy has grown by approximately 5.4% in 2010 exceeding predictions made in May of a 4.5% increase. The growth is the result of several major infrastructure projects the government is implementing as part of the Sarawak Corridor of Renewable Energy (SCORE) project, which will develop a vast area of 230km and build industry in five key areas in Sarawak by 2030; government initiatives to develop rural areas and investment in the utilities.
Sarawak has undergone significant economic transformation under the leadership of Chief Minister Abdul Taib Mahmud and is steadily moving towards achieving 'developed' nation status by 2020. The Chief Minister has succeeded in transforming Sarawak from a state dependent on subsistence farming to a modern industrialised region, emerging as a major economic player in South East Asia.
Chief Minister Abdul Taib Mahmud said: "In order to ensure sustainable growth, we need to widen our economic perspective and diversify our economy so that we are not dependent on traditional economic activities. The transformation of the State economy is no longer an exercise to restructure the traditional economic sectors such as timber and agro-based industries. Instead, we are increasing value-added activities of timber and agriculture products such as transport and communications. Most importantly, the transformation must involve the creation of new sources of economic growth."
The manufacturing, construction, mining/quarrying, agriculture and services sectors have all recorded impressive growth in 2010:
The manufacturing sector is expected to achieve 4.5% growth in 2010, after experiencing a contraction of 0.1% in 2009. The growth is in tandem with the surge in global demand, particularly for Sarawak's LNG and wood-based products. Exports of manufactured goods recorded double-digit growth in the first half of this year at 21.6%. Manufacturing is
