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Saturday, February 16, 2008

Sabah to set up one-stop investment authority

SABAH will set up a one-stop investment authority called the Sabah Economic Development Investment Authority (Sedia) to facilitate investments in the state.

Executive director of Institute for Development Studies in Sabah, Datuk Dr Mohd Yaakub Johari said Sedia will be governed by a board of directors comprising the prime minister and the Sabah chief minister as co-chairmen.

"It will operate in line with best practices of corporate governance recognised globally and run by a pool of top-notch management talent.

"Sedia will ensure that investors in the identified high priority sectors have one point of contact to obtain the necessary approvals, licences and available incentives for set-ups," he said.

Dr Yaakub said Sedia will also ensure that infrastructure and logistic projects are timely executed.

He was speaking at a briefing on the Sabah Development Corridor for the South Korean Ambassador to Malaysia, Yang Bong-ryull, during the latter's visit in Kota Kinabalu yesterday.

Yang was leading a nine-member delegate to look at business opportunities in Sabah, particularly in petrochemical and plantation sectors.

By New Straits Times (by Julia Chan)

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