The Sabah Economic Development Corporation (SEDCO) was established on 21 December 1971 by the State Legislature. The Corporation is under the Ministry of Industrial & Rural Development and charged with the task of implementation of the Ministry's Commercial and industrial programme.
SEDCO was formed essentially as an operational arm of the Government to implement the New Economic Policy and a machinery to co-ordinate, direct and if necessary to participate actively in the establishment of industries which would create new job opportunities and would ensure greater Bumiputera participation in commerce and industries.
Under the SEDCO Enactment, the Corporation is
- to promote the development of land for agricultural, industrial, commercial trading and residential purposes.
- to undertake and participate in agricultural, industrial, commercial trading and housing enterprises.
- to provide and facilitate the Grant of Credits for agriculture, industry, commerce, trade, rural and urban housing and building and utilities both of public and private nature.
- with the concurrence of the Yang Di Pertua Negeri to finance, carry out or assist in carrying out any scheme or urban and rural development.
- to undertake land reclamation work
- to participate in mining activities.
To achieve its aims and objectives and to carry out its duties, SEDCO's activities and strategies are geared, in line with the New Economic Policy :-
- to device an industrialization programme with which industrial investment in the State will be guided.
- to identify projects and conduct studies thereof.
- to advice investor, local or foreign, on investment.
- to develop industrial and commercial areas to fully equip them with the necessary facilities.
- to invest directly in industrial project either alone or join-venture with local or foreign interested parties.
- to train local youths, especially Bumiputra, in the skill to meet industrial requirement on the basis of present needs and the industrialization programme.
- to build shophouses, warehouses and godowns to be sold mostly to Bumiputras at a nominal profit margin.
To import essential commodities such as inter alia, sugar, canned food and building meterials, and wholesale to Bumiputra retailers all over the State.