KOTA KINABALU, Jan 17 — Industrial Tree Plantation (ITP) is a game-changer to revive Sabah’s timber industry to its former peak production of 12 million cubic metres in the 1980s, said Chief Minister Datuk Hajiji Noor.
He said ITP, an innovative public-private partnership between the Sabah Government and timber industry to reduce and relieve pressure on tropical timber and the forest, is projected to earn RM7 billion per year from timber exports.
Hajiji said, under the ITP initiative, the timber industry players in Sabah’s private sector will plant 80 million trees in 10 to 12 years involving an investment of RM4 billion.
“Based on the industry input, the establishment of 400,000 hectares of forest plantations can potentially create employment of 40,000 skilled and semi-skilled workers in the upstream sector.
“Another 40,000 in the downstream industries will be created after a certain period of time. We must ensure that the timber industry is sustainable for future generations and for the industry,” he said in his keynote speech at the Sabah International Business and Economic Summit (SIBE) 2022 at the Sabah International Convention Centre here, today.
SIBE 2022 with the theme “Unlocking Sabah’s Potential, Unleashing Business Opportunities” will be held for two days starting today. About 400 participants attended the event including international delegates, investors and industry players.
Hajiji said ITP is not only an economic game-changer but is crucial for conservation and sustainability.
The Sabah Forestry Department, as the conservator of the forest, is tasked with monitoring the implementation of the ITP in order to ensure environmental sustainability and governance of the forest, he added.
“Planting trees in areas degraded by logging activities will go a long way (if we are to be) a carbon-neutral nation by as early as 2050. This effort is in line with the Environmental, Social, and (Corporate) Governance (ESG) and sustainable development goals.”
The Chief Minister said the importance of sustainability is high on the state government’s agenda as it not only involves the environment and the ongoing issue of global warming but is also a positive contributor to the state’s economic development and revenue.
Hajiji also said that he will be witnessing three Memoranda of Understanding signing ceremonies tomorrow for high-impact investments in agriculture, industrial and tourism.
The state government is certain that these new investments — including an innovative solar glass manufacturing and a large-scale herbs plantation, will assure Sabah of good returns besides creating job opportunities for the people, he said.
“We are looking forward to having more domestic and foreign investors enter Sabah and the state government will strengthen the implementation of its various projects,” he added.
Source: BERNAMA News Agency