Sarawak's Sovereign Wealth Fund Gains Approval For Global Investments
KUCHING, May 28 (Bernama) -- The Sarawak Sovereign Wealth Future Fund, which officially commenced last year, has secured approval from relevant authorities to proceed with global investments.
Sarawak Premier Tan Sri Abang Johari Tun Openg said this marks a crucial step in portfolio diversification, opening the door to international opportunities that will help maximise long-term returns for Sarawak and her people.
'At the same time, the process of selecting External Fund Managers is moving forward steadily. The first group focusing on fixed income investments is now in the final stage of appointment, with more asset classes to be managed in the coming phases.
'Our focus remains on capital preservation while laying the groundwork for sustainable, long-term growth, ensuring the fund becomes a lasting resource for future generations of Sarawakians,' he said during the winding-up session on behalf of his ministries at the State Legislative Assembly sitting here today.
The Sarawak Legislative Assembly, on Nov 22, 2022, unanimously passed a Sovereign Wealth Future Fund Board Bill with the state government making an initial allocation of RM8 billion.
According to the bill, the fund would be managed professionally and transparently by a board of guardians, comprising experts and professionals in the field of finance and investment.
Meanwhile, Abang Johari said that the state government has set an ambitious goal for the Sarawak Civil Service to make all 1,106 government services fully accessible online by 2030.
He said digital transformation will lead to greater efficiency and higher productivity for service delivery.
'As we work towards becoming a high-income and developed region, digitalisation helps us deliver services quicker, cut bureaucratic red tape, make data-driven decisions and ease business activities,' he said.
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