‘SAPP will ensure RM5b in treasury’

Larry Ralon

KOTA KINABALU: Sabah will register a revenue of RM5billion by 2015 under the Sabah Progressive Party's (SAPP) Economic Plan for Sabah, said its adviser Datuk Haji Mohammad Noor Mansur.

The former State Finance Minister said this can be achieved through income generation from new source of revenues which include closer monitoring of royalties on oil and gas, increased oil production, land taxes on the Petronas pipeline and installations, public auction of urban commercial lands, allowing conversion of oil palm lands into industrial lands and revised timber royalties consistent with market prices.

Explaining, he said in the 1980s Sabah achieved RM1billion in revenue, adding the state revenue gradually incleased with the diversification of revenue sources to RM2bil in the 1990s and RM3bil in the 2000s and RM4bil last year.

He said the extra RM1bil per annum shall go to the Sabah Heritage Fund (a State savings fund set up in 1997) where RM100mil will be deposited in this fund; the Sabah Palm Oil Council (RM100mil); investment in food production and security and self-sufficiency in rice (RM200mil); human resource training to raise productivity of local employees and workers to achieve a living wage - minimum wage - in joint efforts with trade unions and employers associations (RM100mil); and consolidated fund (RM500mil).

"Our Economic Plan for Sabah targets Gross Domestic Product(GDP) at five to 8 per cent, against an inflation rate of two per cent, compared to the current GDP at 3.5 per  against inflation at two per cent. Faster economic growth (GDP) is needed in order to expand the economic cake and to reduce poverty," he said in elaborating on the plan during its launching at the Ming Garden hotel here.

Others included in the plan are abolition of the sand and scrap metal monopolies, revival and strengthening of the one-stop centre of investment to ensure an efficient and easy-to-understand process and speedy approval of investment applications by local/foreign investors, investment and improvement of the seaports and existing barter trade centres in Tawau and Sandakan as well as proposed new barter trade centres in Kudat, Semporna and Lahad Datu, proposed sugar plantation in Kuala Penyu and salt production in Matunggong, revival of the Sabah Padi Board with massive investments in irrigation and other infrastructure and paddy planting to make Sabah self-sufficient in rice production, as well as taking back Sabah Electricity Board which is now partly owned by the Sabah State Government.

"Only with a viable energy policy and the removal of the cabotage policy can industrialisation succeed in Sabah," said Mohammad Noor.

The economic plan was launched by SAPP President Datuk Yong Teck Lee, who said the party came up with the plan in response to the public who asked what the party can do for Sabah if it takes over the State Government.

Daily Express

Wednesday, January 18, 2012

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