The Sabah International Business and Economic Summit 2021 will bring stakeholders from the state government, private sector and civil society to discuss and ideate the future of Sabah’s economy.
Themed “Unlocking Sabah’s Potential, Unleashing Business Opportunities”, it is apt time to explore the new Sabah state government’s economic direction.
Sabah is the sixth-largest contributor to Malaysia’s economy in terms of GDP in 2019. Since forming Malaysia in 1963, Sabah has made significant milestones in its economic development. As one of the biggest producers of petroleum, rubber and cocoa in Malaysia and palm oil in the world, income per capita has increased while poverty has significantly reduced. However, challenges abound in the context of the COVID-19 pandemic, technological disruption and geopolitical tensions. The economy is said to be “underperforming” and hamstrung due to high inequality, underinvestment in infrastructure, and brain drain.
The Sabah state government under the leadership of YAB Datuk Seri Panglima Hajiji Noor has launched the Sabah Maju Jaya (SMJ) Development Plan 2021-2025 in March 2021. In reviewing and proposing fresh ideas to build on the blueprint, the Summit will gather government leaders, captains
of industries, academic experts, and investors. On top of being able to physically (re)connect with each other, participants will be able to engage the esteemed speakers on a broad range of topics. Ultimately, the Summit aims to promote discourse on building an inclusive, sustainable and innovative Sabah economy.