KUCHING, Nov 22: Sarawak has the equivalent of 11 billion barrels of oil and about 56.4 trillion standard cubic feet of natural gas reserves.
With proper and prudent investment of the Sarawak Sovereign Wealth Future Fund, Sarawakians have a bright future ahead.
Sarawak United Peoples’ Party (SUPP) secretary general Datuk Sebastian Ting said he hoped that in 30 years from now, the children of Sarawakians and their children will be millionaires.
This is according to Ting’s press statement today, lauding the party’s support for the setting up of the Sarawak Sovereign Wealth Future Fund Board Bill, 2022.
“I have spoken extensively during the DUN (Sarawak Legislative Assembly) sitting on July 13, 2018 regarding establishment of Sarawak Sovereign Fund to ensure that the future generations will continue to benefit from the oil and gas revenues even after the depletion of our oil and gas resources.
“One of the great examples is Norway where they started their sovereign fund in 1990 by investing the surplus revenues from the petroleum sector.
“Now, their sovereign fund is the biggest in the world and has surpassed USD 1 trillion in assets back in 2017 for a population of just 5.35 million people. If converted into ringgit, every Norwegian is nearly a millionaire,” said Ting.
On Sarawak Budget, he said it was an excellent development-oriented budget with focus on infrastructure and wellbeing of Sarawakians.
“The budget was crafted not only for 2023 but also it lays a foundation for Sarawak towards a high-income economy by 2030 through the Post Covid-19 Development Strategy 2030 (PCDS 2030).”
Sarawak Premier Datuk Patinggi Abang Johari Tun Openg was able to introduce such a big budget for Sarawak due to prudent spending from the Sarawak Government and his excellent leadership in revenue reengineering for the State to be financially independent, he said.
On housing, he said allocation of RM52 million had been set aside for the implementation of 21 affordable housing projects in Miri, Kuching, Serian, Betong, Sibu and Mukah by Housing Development Corporation.
Apart from the tabling of State Budget 2023 yesterday, he said there were five government Bills been tabled.
“Of the five Bills, the Constitution of the State of Sarawak (Amendment) (No 2) Bill, 2022 and the Sarawak Sovereign Wealth Future Fund Board Bill, 2022 are of utmost importance.
“The amendment bill to our State Constitution is to set our State Constitution to be in line with the anti-party hopping law which was recently amended in the Federal Constitution to prevent dishonest elected representative from hopping party for their own self-interest and collapsing elected government,” said Ting. — DayakDaily
