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      11 November 2016  

SDC fiscal incentives draw interest of Hangzhou business leaders

Kota Kinabalu (Friday) - The Sabah Economic Development and Investment Authority (SEDIA) has received keen investment interest in the State's investment potential. A business delegation from Hangzhou, China today met with SEDIA Chief Executive Datuk Dr. Mohd Yaakub Johari at Wisma SEDIA to discuss the potential for trade and investment between Sabah and the business community from the capital of China's Zhejiang province.

  SEDIA Chief Executive Datuk Dr. Mohd Yaakub Hj. Johari (second right) welcomed the visiting business delegation from Hangzhou

The Hangzhou delegation was led by Deputy Director of the Hangzhou Municipal Commission of Commerce Mr Jin Huanguo. Apart from SEDIA, present from Sabah during the meeting were representatives from MIDA, DBKK, Sabah Ports Sdn Bhd, KKIP Sdn Bhd, POIC Lahad Datu, Sawit Kinabalu and Sabanilam Sdn Bhd, allowing the delegation to have their enquiries addressed regarding fiscal incentives, industry policies, port facilities, available resources in the State, and generally advantages of investing in Sabah.

Having received a briefing on Sabah Development Corridor (SDC) projects and initiatives, the members of the visiting delegation were impressed by the generous fiscal incentives offered, and believed that more members of the Hangzhou business community would be keen to hold a visit to Sabah in the near future. Under the SDC, fiscal incentives are available for specific activities in various locations, covering several industries. The incentives include full tax exemption on statutory income for up to 10 years, or investment tax allowance of 100% on qualifying capital expenditure for five years, which can be offset against 100% of statutory income. These investment activities can also be eligible for exemption on import duty sales tax exemption on equipment and machineries used, subject to current policy.

Mr Jin had said that he felt inspired by the development achieved under the SDC, that he "believes that under the SDC, Sabah's future will be brighter economically" and that the delegation has "a lot to be excited about over the investment policies shown by SEDIA". He also commended SEDIA's efforts, saying "it is quite important for your authority to be here, in ensuring successful development".

Mr Gao Wei, the Deputy Section Chief of the International Investment Promotion Centre, under the Hangzhou Municipal Commission of Commerce, said that the delegation had also been briefed by Mr Jin prior to their visit to Wisma SEDIA, and each delegation member was familiar with their respective industry's investment prospects in Sabah.

"Although brief, this meeting was most definitely necessary, especially as Kota Kinabalu has become a sister city to Hangzhou. We will spare no efforts in introducing Sabah to our business community back home, and also would like to invite Sabah to come to Hangzhou to explore our business activities," he said. Earlier during the day, the delegation had a meeting with Kota Kinabalu City Hall (DBKK), which had concluded with the signing of an MoU to establish official links between Kota Kinabalu and Hangzhou. Mr Jin expressed his belief that "the meeting was a success, and that the signing of the MoU will bring both cities into a new era of economic growth. I believe in the future we will see a healthy exchange of communication that will increase trade activities".

- Media SEDIA

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