Sarawak to table Bill on sovereign wealth fund in November

31 May 2022 05:31pm
Sarawak Premier Tan Sri Abang Johari Tun Openg - Photo: BERNAMA
Sarawak Premier Tan Sri Abang Johari Tun Openg - Photo: BERNAMA

KUCHING - A bill to create a sovereign wealth fund ordinance in Sarawak will be tabled at the State Legislative Assembly this November, said Sarawak Premier Tan Sri Abang Johari Tun Openg.

He said the fund, modelled on the Government Pension Fund Global Norway, would begin its operation in in 2024.

In a message in conjunction with the Gawai Dayak 2022 celebration, which begins tomorrow, he said Sarawak now had the largest financial reserves compared to other states and that it should be reinvested to provide long-term benefits for the people.

"The increase in the state's savings should be reinvested partially to provide returns that will benefit future generation through a fund known as the sovereign wealth fund," he said.

He said Sarawak had a very bright future with many resources that could be used to make the state an economic power in the Southeast Asian region, as well as many investors wanting to come to the state because of its advantages, including political stability and unity among the people.

Abang Johari said this guaranteed future would also be enjoyed by the Dayaks in Sarawak by giving added value to customary land, a huge asset that could be used to generate income either through agriculture, agroforestry or other entrepreneurship.

He said amendments had also been made to the State Land Code and the Forestry Ordinance to prepare Sarawak for a new economy that would also involve environmental protection and carbon trading which had the potential to be additional sources of income for the state.

"I am confident that the measures introduced by the GPS (Gabungan Parti Sarawak) state government in the past five years to strengthen the state's economy, including these latest measures, will further increase Sarawak's revenue," he said.

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In celebrating the Gawai Dayak, which has been institutionalised as an effort to build the identity and unite the Dayaks of Sarawak, Abang Johari hoped that the people would continue to take the necessary measures to curb the spread COVID-19.

"I sincerely hope that this festive season is celebrated in a relaxed atmosphere that can be a platform to exchange ideas and opinions in an effort to strengthen the unity and commitment of the Dayaks towards a more active participation in the state’s development,” he added. - BERNAMA