KUCHING – The Sarawak State Legislative Assembly has unanimously approved the Sarawak Economic Development Corporation (Amendment) Bill 2026, marking a significant step in strengthening the state’s economic governance framework.
The bill, tabled by Deputy Premier Douglas Uggah Embas, was debated by 11 assembly members before being passed at the third reading.
The amendments are intended to modernise the Sarawak Economic Development Corporation (SEDC), ensuring it remains aligned with current industry practices and the evolving corporate landscape.
In his winding-up speech, Uggah explained that the changes reflect the government’s commitment to enhancing transparency, accountability and efficiency within state-owned enterprises (SOEs).
He noted that the Sarawak government had previously engaged the World Bank in 2022 to assess corporate governance standards across SOEs, statutory bodies and government-linked companies (GLCs).
“The GPS government intends to transform SEDC into one of the leading SOEs in Sarawak with stronger governance, better transparency and more strategic and commercial management,” he said.
He added that the reforms are expected to position SEDC as a world-class corporation capable of competing internationally.
The SEDC, established in 1972, has played a central role in Sarawak’s economic development, particularly in sectors such as property, tourism, manufacturing and investment.
Over the years, it has been instrumental in driving growth and creating opportunities for local businesses. However, the government believes that modernisation is necessary to ensure the corporation remains competitive in today’s global economy.
The amendments are designed to strengthen SEDC’s institutional framework, enabling it to adopt best practices in corporate governance and strategic management.
This includes improving oversight mechanisms, enhancing commercial operations and ensuring that the corporation can respond effectively to new economic challenges.
Observers note that the move reflects Sarawak’s broader ambition to elevate its economic institutions to international standards.
By reinforcing governance and transparency, the state aims to attract greater investment and foster sustainable growth.
The passage of the bill is seen as part of Sarawak’s long-term strategy to build resilient economic structures that can support its development agenda.
With stronger governance and modern corporate practices, SEDC is expected to play a more prominent role in shaping Sarawak’s future economic landscape.
