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Shareda lauds move to create free zone in Palm Oil Industrial Cluster
calendar08-09-2022 | linkDaily Express | Share This Post:

08/09/2022 (Daily Express), Kota Kinabalu - The Sabah Housing and Real Estate Developers Association (Shareda) lauded the move to establish a free trade zone in Lahad Datu’s Palm Oil Industrial Cluster (POIC) to spur economic growth in Sabah’s east coast region.

Its President Datuk Chua Soon Ping described move as timely and strategic to encourage trade in the region.

He said this would position Sabah to tap into the opportunities of the relocation of Indonesia’s future capital city Nusantara to Borneo.

“As Indonesia’s future capital city, Nusantara, will be built on Borneo, the trade in this region will potentially move into an active economy zone,” he said.

He pointed out that Indonesia has a population of 300 million and Nusantara will be the centre of the greater Indonesia.

“It is located free outside the ring of fire, and with so much reserve of raw minerals such as copper, gold, nickel, coal, timber, palm oil and others. 

“Nusantara could become the next Dubai whose growth has generated much economic spill-overs and spin-offs for the United Arab Emirates and Qatar.

“Qatar would also be hosting the next World Cup in December 2022.

“Like Dubai growth is for Middle East, Nusantara is for Far East, key economy driver in the region,” he said in a statement.

Chua said Sabah would benefit from the profound impacts of the relocation of Indonesia’s capital city to Borneo, alongside Sarawak and Brunei.

“POIC in Lahad Datu having a deep-sea port will be a strategic facility and open opportunity for trans-shipments to East Kalimantan and beyond.

“The Federal Government is to allocate funds to accelerate such facilities

“POIC and the State Government should capitalise of this golden window of opportunity for such move,” he said.