KUCHING, May 31: An ordinance to establish the Sarawak sovereign wealth fund will be tabled in the next State Legislative Assembly (DUN) sitting in November 2022.
Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg said the State currently has the largest financial reserves in Malaysia.
He added that the increase in the State’s savings should be partially reinvested to provide revenue returns to benefit future generations through the sovereign wealth fund.
“I anticipate the fund, if there are no obstacles, to start operating in 2024,” he said in his 2022 Gawai Dayak celebration message.
He also mentioned that the fund is modelled on the Norwegian Global Government Pension Fund.
Abang Johari further said that the State has many resources that can be utilised to become an economic powerhouse in the country and the region.
“Many investors want to come to invest in the State because we have the advantage in terms of political stability and unity of people of various races, ethnicities, and religions on the basis of mutual respect for each other.
“Therefore, I sincerely hope that all children of Sarawak will continue to stay united towards placing Sarawak in the highest place as a progressive region with dynamic economic and social development,” he added. — DayakDaily
