KUALA TERENGGANU, Nov 21 (Bernama) -- The Terengganu State Legislative Assembly today approved the State Budget 2025, amounting to RM1.887 billion.
Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar, when winding up the debate on the Supply Enactment Bill 2025 at Wisma Darul Iman here today, said the state government, through the State Revenue Enhancement and Prudent Expenditure Committee, has outlined various strategies to boost state-generated revenue.
The strategies, which encompass short-term, medium-term and long-term measures, will involve various government entities, including government-linked companies (GLCs), he said.
“In the short and medium term, specific measures have already been shared during the budget presentation. For the long term, the state will focus on revenue generation through industrial advancements by streamlining project approval processes and offering more competitive incentives,” he said.
He said industries projected to contribute significant new revenue include the development of solar farms, carbon credit generation and trading, liquefied natural gas supply and trade, green hydrogen plants, rare earth mining, and carbon capture, utilisation and storage (CCUS) initiatives.
He acknowledged, however, that these initiatives require time and extensive groundwork to materialise.
“Such revenue enhancement efforts are time-sensitive. Some require legislative amendments, adjustments to tax schedules, bidding processes and efforts to attract investors,” he said.
On Monday, Ahmad Samsuri tabled Budget 2025 for the state, themed ‘For the Future of Terengganu,’ with RM1.887 billion allocated for operating expenses, including a RM450 million contribution to the Development Fund.
-- BERNAMA
