Government and Companies Launched SIBEC 2024

The State Government and supporting organisations launched the Sabah International Blue Economy Conference (SIBEC) 2024 on 6 March 2024, with the exchanged of letters of intent. SIBEC 2024 is a follow up to the SMJ EKOB 2023 Synédrio SMJ themed "Beyond Limits, Unleashing Economy" held on 14 December 2023 which saw international speakers sharing their expertise in the blue economy concept in line with the Sustainable Development Goals (SDG) adopted by the United Nations.

Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor officiated the ceremony at Menara Kinabalu during which he presented letters of intent (LOI) to the supporting organisations, namely, Sabah Ports Authority, Invest Sabah Sdn Bhd, Sawit Kinabalu Sdn Bhd, Qhazanah Sabah Berhad, Sabah Electricity Sdn Bhd, PETRONAS, The Asia Foundation – Malaysia, Sabah Credit Corporation Bhd, POIC Sdn Bhd, SEDCO, SEDIA, Sabah Energy Sdn Bhd, and KKIP Sdn Bhd; and presented letter of intent to a strategic partner, namely, the Maritime Institute of Malaysia. The LOIs are for the three-day conference to be held from 2 September 2024 in Kota Kinabalu.

Hajiji, during a business visit to Shenzhen, China, in November 2023, has invited investors to Sabah to explore the blue economy in collaboration with the State Government. The blue economy comprises four main components - harvest of living resources (seafood and marine biotechnology), extraction of non-living resources, generation of new resources (minerals, energy and fresh water), commerce and trade in and around the oceans (transport and trade, tourism and recreation) and response to ocean health challenges (ocean monitoring and surveillance, carbon sequestration, coastal protection and waste disposal).

There are 14 industries earmarked under the four main components including aquaculture, fisheries, pharmaceuticals, chemicals, oil and gas, renewables, shipping, blue carbon and habitat protection and restoration.