By Ashley Sim
KUCHING, Nov 22: Daro assemblyman Safiee Ahmad believes the Sarawak government should establish risk parameters, and the Sarawak Sovereign Wealth Future Fund should develop and oversee a diversified mix of short-term and long-term investment classes to better Sarawak’s future.
Safiee stated this during his debate on the Sarawak Sovereign Wealth Future Fund Board Bill, 2022, which was tabled by the Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg, at the State Legislative Assembly (DUN) sitting here today.
“The Sarawak Sovereign Wealth Future Fund should approach its investment decisions methodically, carefully, and cautiously.
“It is important that it neither adopts a risk-free mindset nor pursues maximal returns at any reckless risk.
“The government should establish the risk parameters, and the Sarawak Sovereign Wealth Future Fund should develop and oversee a diversified mix of various investment classes, whether short-term or long-term, to obtain the best results within these constraints to bring betterment for the future of Sarawak,” he said, adding that he fully supports the bill.
He cited the success of Singapore Investment Corporation (GIC) in creating a first-class institution based on meritocratic principles and the involvement of a top-tier team of highly competent professionals, bolstered by both local and international talent.
“This means in order to set up the Sarawak Sovereign Wealth Future Fund, we have to do the same.
“Highly skilled key players, whether locals or internationals, should be carefully selected and chosen, as this group will be responsible for steering Sarawak Sovereign Wealth Future Fund’s direction in the world’s fast changing financial landscape and taking it forward as opportunities arise for Sarawak,” he added.
Furthermore, Safiee stated that with all of the important factors carefully considered, he is confident that it will be a doorway to all wonders for Sarawak.
“Under the leadership of YAB Premier of Sarawak, we can see that we are on the right track and a bright future is ahead of us.
“Not only the Sarawak Sovereign Wealth Future Fund will result in more revenues for developments, just like Norway and Singapore, it will also bring more job opportunities, strengthen the economy, eradicate poverty, better and free education for our future generations, and last but not least, build trust from both local and foreign investors,” he remarked. — DayakDaily
