Sarawak’s proposed sovereign fund still under study

Abang Johari. — Photo by Roystein Emmor

KUCHING (May 16): Sarawak will announce its decision on the proposal to set up its own sovereign wealth fund once a study has been completed, said Sarawak Premier Tan Sri Abang Johari Tun Openg.

He said a wealth fund was important in the state’s efforts to manage its revenues better for a brighter future for the state.

“When the economy expands, our revenues increase; this fund will generate good income for our state.

“The study is ongoing and once completed, we hope to emulate Norway. Prudent management, transparent in managing our properties and assets and developing for the future,” he said.

Abang Johari said this at an Aidilfitri gathering and opening of the Parti Pesaka Bumiputera Bersatu (PBB) delegates meeting here today.

Abang Johari said he was impressed with Norway’s success in managing its soverign wealth fund, which has gained wide recognition since its establishment in 1996.

“Initially, the Norway sovereign fund was not big, just two billion kroner. However, it is now reported to be worth US$1.34 trillion. So if we manage (our resources) well, insya-Allah Sarawak will be like Norway,” he added.

Sarawak had announced its intention to cooperate with Norway in efforts to set up its own sovereign wealth fund during a two-day working visit by Abang Johari to that country last week. — Bernama

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