The Sarawak Economic Development Corporation (SEDC) was established on 1st March 1972 as a state – owned statutory body with the general aim of promoting the commercial, industrial and socio-economic development of the State. SEDC was established under the Perbadanan Pembangunan Ekonomi Sarawak Ordinance (Sarawak Cap. 35), a law duly passed by the Sarawak State Assembly in accordance with the powers conferred on and delegated to the State Government of Sarawak under the Constitution of Malaysia.
While SEDC is a statutory body established under the laws of the State of Sarawak, it also comes under the purview of the Federal Government of Malaysia through the Federal Ministry of Finance (MOF).
- To promote economic development in the State, as a catalyst, with emphasis on pioneering and strategic industries;
- To undertake investments and manage commercial projects, directly or on a joint-venture basis;
- To undertake programmes and schemes to enhance the development of local entrepreneurs in commerce and industry, as a trust agency; and
- To develop special projects for the government to enhance the general economic well-being and quality of life of the people in the State.