Premier leads delegation to study wealth fund in Singapore

Abang Johari poses for a group photo with the Sarawak delegation and GIC team at the GIC office in Capital Tower, Singapore today (July 6, 2022).

SINGAPORE, July 6: Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg led a high-level delegation from the Sarawak government to Singapore to study the operation and governance of the country’s wealth fund.

The delegation met with officials of the Government of Singapore Investment Corporation (GIC) at its head office in Capital Tower here earlier this morning where they were briefed on the operation, governance structure, investment strategies and policy framework of the Singapore government’s investment arm.

The Premier was accompanied by Deputy Premiers, Datuk Amar Douglas Uggah Embas and Datuk Amar Awang Tengah Ali Hasan, State Secretary Dato Sri Mohamad Abu Bakar Marzuki and State Financial Secretary Dato Sri Wan Lizozman Wan Omar.

GIC, one of the three investment entities in Singapore that manage the government’s reserves, alongside the Monetary Authority of Singapore (MAS) and Temasek was established in 2001 to manage Singapore’s reserves for long-term returns as the world’s first non-commodity-based sovereign wealth fund.

Today, GIC has assets in over 40 countries and offices in 10 key financial cities with over 1,800 employees globally and Net Investment Returns Contribution (NIRC) estimated to be to the tune of S$21.56 billion in the Financial Year (FY) 2022.

Later, in the afternoon, the Premier and the Deputy Premiers will meet with Singapore’s Minister of Manpower and Second Minister of Trade and Industry, Tan See Leng.

This was followed by a joint meeting with Desmond Lee, Singapore’s Minister of Sustainability and Environment, Desmond Lee and Minister of National Development, Grace Fu.

The five-day study visit is part of the benchmarking process that will lead to the establishment of Sarawak’s very own sovereign wealth fund as announced by the Premier previously.

The Premier has indicated that the ordinance for setting up and governing the proposed Sarawak’s sovereign wealth fund will be tabled in the State Legislative Assembly (DUN) in November 2022 and it is expected to come into operation in 2024.

In May 2022, the Premier made a similar visit to Norway to study the operation and governance of Norway’s sovereign wealth fund as among the preferred models for managing and investing Sarawak’s surplus funds. — DayakDaily