ECONOMY AND BUSINESS
Located in the central region of Sarawak, Sibu is the central gateway to the state. Core components of the town’s economy include its role in the timber industry developed in the period after 1950, and the longer established shipping services and ship building industry arising from its port location.
Of the 100 estimated ship yards in the country, 42 are located in Sibu. The boats built in Sibu are exported to neighbouring states of Malaysia, Singapore, Indonesia and United Arab Emirates. In 2017, Sibu ship exports stood at over RM 350 million.
The agricultural sector is also prominent in the town’s business as Sibu processes the oil palm, rubber and other agricultural products grown in the hinterland of the town. Whilst the timber and agricultural and ancillary processing industries remain the mainstay of the business community, the town has also more diversified and modern sectors such as financial services arising from the town’s head start in local banking, fisheries, aquaculture, horticulture, infrastructure development, tourism and the K-economy.