One of the Sarawak Economic Action Council (SEAC) strategies is identifying catalytic initiatives required to accelerate Sarawak’s socio-economic growth up to eight percent annually in order to achieve the State’s vision of becoming a high income and advanced state by 2030.
“These initiatives have gone through an intensive prioritisation process that was anchored on six key principles,” said Chief Minister YAB Datuk Patinggi (Dr) Abang Haji Abdul Rahman Zohari Tun Datuk Abang Haji Openg in his opening address during the International Digital Economy Conference Sarawak (IDECS) 2020 in Kuching on 7 October 2020.
These key principles are:
Improved Economic Structure and Environment to enable efforts towards becoming an export-led economy that prioritise significant increases in productivity and downstream economic activities.
Ease of Doing Business by providing a fair and competitive playing field through holistic policies and efficient approval processes in order to attract investments and retain quality industry players in all economic sectors.
Targeted Spending, which emphasises on ensuring that finances are allocated towards initiatives that cater to “what matter most”. “For example, an improvement in physical and digital connectivity which would have a ricocheting positive impact throughout the state,” added the Chief Minister.
Asset Optimisation and Funding to efficiently utilise existing assets instead of building new structures and to develop creative financial models to optimise cash flow. Doing so requires striking a balance between physical infrastructure and targeted programmes that complement these structures.
Digital Government, focusing primarily on further enhancing and developing government services to be a catalyst for the economy, as well as improving monitoring capabilities to ensure rigorous monitoring of initiatives via technological use.
Social and Economic Inclusivity for all segments of society in Sarawak. “There must be initiatives that create opportunities with lower barriers of entry for the rakyat and address impoverished segments of our society,” explained the Chief Minister, adding that these initiatives would cover financial growth support for the poor and shelters for those in need.