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Sarawak
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Economic update | Sarawak Year in Review 2014
29 Jan 2015
Investments in Sarawak's resource-based and service industries kept the Borneo island state ahead in 2014, with economic growth set to continue in 2015. However, new initiatives will be needed to diversify the economy and add more value across the oil and gas product chains.
Sarawak’s small and medium-sized enterprises (SMEs) are on course for strong growth this year as more companies tap into spin-off projects engendered by larger players’ investments in the state’s special economic zone.
Heightened activity in the Sarawak Corridor of Renewable Energy (SCORE) has brought positive appraisals from industry analysts, signalling a vote of confidence in the development’s economic future as further projects are unveiled.
The tourism industry in Sarawak is in the spotlight as sporting events and cultural festivals are being showcased as part of the wider Visit Malaysia (VMY) 2014 tourism campaign. However momentum must be continued beyond this year’s festivities in order to attract further tourism revenue and investment.