Financial Services

From large, multinational funds to local Malaysian banks, national and international players have historically been drawn to the state in large part by the opportunities available in financing its substantial oil, gas, timber and palm oil industries. Today, they are being drawn by the state’s major development plan, the Sarawak Corridor of Renewable Energy, and other mega-projects currently being implemented. A huge amount of capital investment will be required for the state to meet its development goals, and it is looking to source this in part by issuing conventional and Islamic bonds. Finance-related activity in Sarawak is likely to grow in importance and intensity over the coming years. While a great deal of work remains to be done in order for Sarawak to make good on its promise of development for everyone in the state, its increased visibility and popularity among investors and financiers, domestic and international, is a sure sign that it is headed in the right direction.

This chapter contains interviews with Wong Soon Koh, Minister of Finance II and Minister of Local Government and Community Development; and Rauf Rashid, Country Managing Partner, EY Malaysia.