NEM a dynamic economic shield, says Chief Minister

SMART PARTNERSHIP: Wong (centre) witnessing the signing ceremony between the two companies, which was represented by Hudson Chua Jain (left) and Mok.

by Zoee Hillson. Posted on December 29, 2010, Wednesday

KUCHING: Chief Minister Pehin Sri Abdul Taib Mahmud said yesterday the New Economic Model (NEM) will have a powerful and dynamic economic approach that will also protect the nation and the future generation.

He said high sustainable growth and environmental stewardship must go together because raising the quality of life of the people will be an integral part of NEM.
“NEM will include a commitment to sustainability, not only in our economic activities but also in considering the impact of economic development on our environment and precious natural resources.”
“Pursuing growth that deplete resources and displace communities will have dire consequences for future generations and this is a false and futile choice,” he said.
He said this at the merger signing ceremony of Hii & Lee Chartered Accountant into Crowe Horwath.
His text of speech was read by Second Minister of Finance Dato Sri Wong Soon Koh.
Taib who is also Finance, and Planning and Resource Management Minister added that inclusiveness is a key prerequisite for fostering a sense of belonging and engagement in the NEM.
The chief minister also said that the state is expected to register a Gross Domestic Product (GDP) growth rate of 6.8 per cent in 2010 compared to 4.0 per cent in 2009.
“The total GDP for 2010 is approximately RM78.4 billion out of which 32.3 per cent is contributed by the services sector,” he said.
“The state government has approved approximately RM1.7 billion of capital investments into Sarawak in the first three quarters of the year. This figure includes RM1.4 billion in foreign direct investments,” he added.
He also said that the merger will also see Crowe Horwath becoming one of the top firms in Sarawak, having operations in strategic locations such as in Kuching, Sibu, Bintulu and Miri.
“Equipped with international resources and strategic competencies in audit, tax and advisory, I believe that Crowe Horwath will be able to reach out to more Sarawakian businesses and help build the economy of Sarawak,” he said in a text speech read by Second Minister of Finance Dato Sri Wong Soon Koh.
Wong was present to witness the merger signing ceremony at a hotel here, on behalf of Taib who is also the Minister of Finance.
It was signed by Hii & Lee chairman Hudson Chua Jain and Crowe Horwath International regional executive director for Asia Pacific Mok Yuen Lok.
With the merger, the firm now has offices in 12 locations, with 750 staff servicing over 10,000 clients, in which 135 are public listed clients.
Hii & Lee is a leading accounting firm in Sarawak and Crowe Horwath is a member of Crowe Horwath International which is a top 10 global network.
Taib also added that Sarawak Corridor of Renewable Energy (SCORE) and the state’s National Key Economic Areas (NKEAs) and entry point projects under the Road Map for Economic Transformation Programme (ETP) is a strong indication that the state has strong plan in developing towards a high income economy.
“Sarawak has a thriving business environment which will drive our state towards a sustainable high income economy,” he said.
However, the success of such plans require the participation and co-operation of both the public and private sectors,” he stressed.