KUCHING, May 31 — A Bill on the setting up of a sovereign wealth fund will be tabled in the the November sitting of the Sarawak State Assembly, —said today.
He said the fund will be modelled, among others, on Norway’s Government Pension Fund Global.
“I expect the fund, if there are no obstacles, will start its operations in 2024,” he said in his message in conjunction with the Gawai Dayak celebration which falls tomorrow.
He said Sarawak has the largest financial reserves among all states in Malaysia.
He added the extra revenue should be invested to bring in more income for the benefit of the state and its people, including the establishment of the sovereign wealth fund.
He said Sarawak’s future is very bright, adding that the state has many resources that can be harnessed to make it an economic power both nationally as well as regionally.
“There are many investors who want to come and invest in the state because we have many advantages, such as political stability, racial unity and respect for one another among the various ethnic groups,” Abang Johari said.
The premier also noted that the Dayak community has vast assets in the forms of native customary rights (NCR) land that will bring economic benefits to them.
He urged them to develop their land for agriculture, agroforestry or any other entrepreneurial venture.
“In short, they should venture into an agriculture business that is capable of giving profits to them,” he said.
The premier also urged the Dayak community to comply with the standard operating procedures (SOPs) set by the Sarawak Disaster Management Committee (SDMC) for the Gawai Dayak celebration to prevent the spread of Covid-19 in longhouses and villages.