Speaking at the Sabah International Business and Economic Summit (Sibes) 2022, Jeffrey, who is also the state agriculture and fisheries minister, said the state would be able to earn huge revenue while keeping its forests pristine and safeguarding the interests of the native communities.
He added that the success of the Nature Conservation Agreement (NCA) was expected to attract private funding of up to US$10 billion (RM41.8 billion).
According to Jeffrey, with the NCA, the state government would be able to better implement programmes that would help promote economic activities and accelerate economic growth. This, he said, would eradicate rural poverty and enhance infrastructure development.
He said this at a summit organised by KSI Strategic Institute for Asia Pacific in Kota Kinabalu today.
The NCA, signed between the Sabah government and a Singapore-based company, has been subjected to criticism by local civil society groups for its lack of transparency surrounding the carbon trading deal.
It reportedly involves placing some 600,000ha of Sabah’s forests, which had been classified previously as Totally Protected Areas (TPAs), under the carbon deal with the private company.
Jeffrey also said with the state gaining more autonomy and empowerment due to the recent amendment to the Federal Constitution to be in line with the Malaysia Agreement 1963 (MA63), the state government would be setting up several boards to develop the agricultural sector, such as the Sabah Padi Board, the Sabah Swiftlet Board and the Sabah Oil Palm Industry Authority Board.
Biomedical sciences, wellness industries
At the summit, a scientist suggested that the state government open up the state for the expansion of biomedical sciences and biomedical wellness industries.
Mike Chen, founder of the European Wellness Group Kota Kinabalu, said there was huge potential and that various players in these industries were willing to train Sabahans in these fields.
“The state government must encourage these companies to open up labs in the state by granting them pioneer status,” he said.
He said the state could become an international hub for biomedical tourism as well.