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      18 March 2016  

SEDIA facilitates marine and aquaculture investment interest

Kota Kinabalu (Friday) - The Sabah Economic Development and Investment Authority (SEDIA) has received keen investment interest in the State's marine and aquaculture industries. Accompanied by the Federation of Sabah Industries (FSI), a business delegation from Weihai, China today met with SEDIA Chief Executive Datuk Dr. Mohd Yaakub Johari at Wisma SEDIA to discuss the potential of Sabah for investment in logistic connectivity, aquaculture activities, and food processing.

  SEDIA Chief Executive Datuk Dr. Mohd Yaakub Hj. Johari (centre) with the delegation from Weihai, along with representatives from SEDIA, FSI, DIDR, Sabah Ports, Inno Resources, and the Ministry of Tourism, Culture and Environment  

Having received a briefing on Sabah Development Corridor (SDC) projects and initiatives, the members of the visiting delegation conveyed their interest in setting up a cold storage facility in Sabah, not only for export activities to China but also as transhipment point for importing aquaculture products into Sabah. Another query from the delegation was on the State's processing capacity for cuttlefish. Members of the delegation also enquired on identifying suitable joint venture partners with facilities near the port, capable of freeze-packaging fisheries products.

Under the SDC, fiscal incentives are available for aquaculture and marine activities. 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.

Weihai is located in the China province of Shandong, with a land area of 5,797sq km and a population of 2.8 million people. The city has five ports, four of which are national-level ports, and an international airport with two international routes and five domestic routes. Weihai is a strong industrial city with more than 20,000 companies, and is the largest production base for China. The delegation also informed that the city is rich in prawn, sea cucumber, abalone, shellfish, seaweed, and over 300 variants of economic-production fish.

- SDC Media

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