KOTA KINABALU: Sabah hopes to generate between RM2.2 billion to RM5.6 billion a year through private finance initiatives that focus on nature conservation.
Sabah Deputy Chief Minister Datuk Seri Dr Jeffrey Kitingan said this was part of the modernisation and transformation programmes by the government to preserve and safeguard the interests of the indigenous communities.
"The success of the nature conservation is expected to attract PFI (private finance initiative) of up to USD10 billion," said Kitingan.
Kitingan said this during the Sabah International Business and Economic Summit (SIBES) 2020 at the inaugural the Sabah International Convention Centre (SICC) here.
At the same time, the technology would adopt satellite services, use of drones and AI (Artificial Intelligence) to move into the green and circular economy.
He said nature conservation funding would enable the government to strengthen deliveries and implementation of the Sabah Maju Jaya (SMJ) programmes.
However, he said the speed of modernisation and transformation in Sabah was still slow.
"What Sabah needs are big anchor players or investors who are willing to venture into modern agriculture and bring along the small farmers into its business system," said Kitingan who is also the state Agriculture and Fisheries Minister.
He said the agriculture sector was poised for growth in the next four years.
Sabah, he said was also the world's best home for swiflets and boasts of the best quality birdnest and sea-cucumber.
In 2020, Sabah produced 216 metric tonnes of edible birdnest valued at RM863 million.
Together with the collaboration of the Malaysian Pineapple Industry Board, 26,000 job opportunities would be generated for pineapple entrepreneurs, he added.
At the same time, he said the recent empowerment of the Fisheries Department would create further opportunities for the fisheries industry in Sabah.
To streamline the promotion of investments into Sabah, he said the government had established Invest Sabah with the assistance of Institute of Development Studies and Sabah Economic Development and Investment Authority, the one-stop authority for the Sabah development corridor.