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Right time to establish fund, says Balingian rep

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Abdul Yakub speaking at the DUN sitting.

ABDUL Yakub Arbi (GPS-Balingian) is confident, and believes, that this is the right time to establish the Sarawak Sovereign Wealth Future Fund.

“Sarawak is the second richest in Malaysia based on the income state revenue based on its economic resources.

“Sarawak revenue generated through sources of natural gas, petroleum, timber, palm oil and new economic sources such as the electronics manufacturing sector and biotechnology can be used to strengthen the establishment of the fund.

“With a stable state government under Gabungan Parti Sarawak (GPS), I hope there are more giant companies will be established here and invest in Sarawak.”

He said this when debating in support of the Sovereign Wealth Future Fund Board Bill, 2022 during the Sarawak Legislative Assembly (DUN) sitting on Today (Nov 22).

Touching on the issues to consider on the returns, he said sovereign wealth funds are seen as a way a country invests surplus capital into various market and investment.

“The fund is considered by most countries as how to save accrued profits for use and the economy of the country and its people.

“The main function of the fund is to stabilise the country’s economy and diversify the source of wealth for the future generations.

“Therefore, the establishment of this wealth fund is seen as important development in international investment,” he said.

He further reiterated that the Sovereign Wealth Future Fund must be strictly regulated and full of transparency.

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