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(The Associated Press) - Malaysia's government pledged Monday to lure more than $100 billion of investments to a jungle-clad state on Borneo island -- the latest in a series of heavily publicized economic initiatives ahead of elections expected next month.
Prime Minister Abdullah Ahmad Badawi launched the Sarawak Corridor of Renewable Energy to attract investments to Sarawak state's industries including oil, gas, timber and fisheries, according to his speech at the launch ceremony in a Sarawak town. The plan would "begin the transformation of Sarawak into a modern and blessed state," Abdullah said in the speech posted on his official Web site. The plan envisions Sarawak receiving private investments worth 334 billion ringgit ($103 billion) through 2030 to fund projects in a wide range of sectors, including energy resources such as hydroelectric dams and coal-fired power stations. Abdullah said the government would allocate a preliminary 5 billion ringgit ($1.5 billion) of state funds for "high-impact projects" in Sarawak, and would come up with a package of incentives to spur private investments. "The people of Sarawak will certainly feel a big impact," Abdullah said, adding that the plan was expected to generate 1.6 million jobs and slash the state's poverty rate to 1 percent in 2030, down from the current 7.5 percent. Abdullah did not directly link the plan to Malaysia's general elections, which are likely to be held in March. But political observers have said the government could benefit from public goodwill stemming from a string of recently announced big-budget development initiatives. Thirteen agreements were signed Monday between Sarawak's government and several companies, including one with global miner Rio Tinto Ltd. to supply power to a planned major aluminum smelter. Abdullah last month unveiled plans to develop Sabah, another Malaysian state on Borneo, Sabah, by bringing 105 billion ringgit (US$32.5 billion; euro22 billion) in investment over 18 years to its agriculture, tourism and manufacturing sectors. Similar plans have been created for other parts of Malaysia.
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