Safiee Ahmad (GPS-Daro) lauded the setting up of Sovereign Wealth Future Fund Board as a good move by the state government to propel the state into developed status with high income by 2030.
He noted that the Sovereign fund aims to invest in a variety of sectors as a way to accrue profit for the benefit of Sarawak’s economy and definitely its citizens.
“Generally, sovereign funds aim to protect the state’s wealth and invest it properly for future use in case of economic crisis while protecting the state’s economy and budgets from risks due to economic fluctuations which include inflation.
“It also targets to maintain the tenets of inter-generational equity after mineral resources have been depleted; and also increase yields from sovereign exchange reserves via investments,” he said.
He was debating in support of the Sovereign Wealth Future Fund Board Bill 2022 at the State Legislative Assembly (DUN) sitting on Today (Nov 22).
Taking Norway as an example, he pointed out that not only the country owns over US$1.19 trillion in assets and holds 1.3 percent of all of the world’s listed companies over 70 countries worldwide, the Norwegians have also benefited from the vast development and welfare that includes free education in public universities.
“With the same blueprint, Sarawak can do the same! We can develop our beloved land especially in the rural areas and provide a better future for our future generations,” he said.
Safiee commended Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg who has always sought for betterment of Sarawak’s future generations.
“He is aware that Sarawak has all the potential to generate income from other sources aside from our natural gas and petroleum.
“That is why he emphasised Sarawak’s potential in producing alternative biofuel from algae, and this supports the idea of establishing our own sovereign fund since pursuing it is definitely possible due to revenues generated,” he said.
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