KOTA KINABALU: Sabah should fully capitalise its natural resources to provide renewable-based energy to cater to the increasing energy demand in Sabah.
The chairman of state government investment arm Qhazanah Sabah Bhd (QSB) Datuk Dr Yusof Yacob said these natural resources included the rivers and solar energy.
"This is what QSB aims to do via joint ventures with carefully selected partners who can provide technical expertise and technology transfer to our local workforce.
"Our overarching priority is preserving the environment in whatever we do, at the same time retaining optimum investment return, which is only possible if we adhere strictly to practice of good governance," he said when delivering his first annual address during a Townhall session at Sabah International Convention Centre (SICC) here today.
Yusof added that QSB's investment pipeline must align with the aspiration of the state to ensure an impactful outcome for Sabah.
"Our investment pipeline must align with the aspiration of state, which is to create a significant spillover impact that can be used to alleviate the socio-economic level higher than what it is," he said, adding that a structured and impactful investment decision is crucial in relishing QSB's pursuit to increase distribution of dividends to the state, making QSB an active contributor to the state's revenue.
He added that QSB needs to ensure that its diversified operation was not redundant to ones that were operated by other equally important government-linked companies such as SEDCO and Sawit Kinabalu.
"Instead of encroaching, we should work collectively to enhance the economic environment of Sabah. QSB can and shall focus to strengthen our strategic core businesses in telecommunication that involves participation of Common Tower Technologies and Qhazanah Technology as our subsidiary together with Celcom Timur Sabah as our associate company."
Yusof said QSB's role as strategic economic partners to the state undoubtedly brings the need to empower the local Small and Medium Enterprises (SMEs) and youth community.
"SMEs formed the backbone of the economy, hence we are committed to ensure their participation in any of our joint venture projects moving ahead either at upstream or downstream industry, so we can avoid a scenario of our own people being side-lined in any mega project. We strive to be the catalyst in providing our own youth and our own SMEs with business and employment opportunities."
QSB has continuously shown its support to the state in giving back to the community via carefully structured Corporate and Social Responsibility (CSR) initiatives.
Yusof also outlined his aspiration for QSB to work jointly with NGOs to create a larger impact for these communities.
