KOTA KINABALU: Sabah wants to cut red tape to facilitate investments into the state, says Chief Minister Datuk Seri Hajiji Noor.
He said the state government wants to remove all hurdles hampering investments as part of its efforts to be investor friendly.
“Red tape faced by well-meaning investors will only hurt our efforts to draw investors to Sabah. We must remove these hurdles,” he said on Friday (March 5) after chairing the first board meeting of Invest Sabah Bhd (ISB) here.
ISB was established in December under the purview of the state Industrial Development Ministry to promote both local and foreign investments.
It acts as a one-stop agency for investments into the state, providing investors with information on requirements including licensing approvals, and building networking platforms, among others.
Hajiji said ISB will act as the secretariat for an investment committee comprising state and federal agencies as well as relevant stakeholders to vet all investment proposals.
He said its success will be a boon to the state’s economic progress in achieving one of the main thrusts of the Halatuju Sabah Maju Jaya (SMJ), the GRS government’s five-year development plan.
SMJ’s focus will be on three main thrusts – the agriculture, tourism, and industrial sectors – as well as human capital and people’s wellbeing through developing infrastructure networks and green sustainability.
During the meeting, Datuk Dr Joachim Gunsalam, who is Deputy Chief Minister and state Minister of Industrial Development, was appointed ISB deputy chairman.
Datuk Madiyem Layapan was endorsed as ISB’s chief executive officer.