KUCHING: The establishment of Sarawak’s very own Sovereign Wealth Future Fund is another milestone achievement by the Gabungan Parti Sarawak (GPS) team of leaders designed for the future generation of Sarawakians.
GPS-Katibas assemblyman Lidam Assan stated that the idea to set up the sovereign wealth fund by farsighted Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg is a very important initiative for the long-term development of the state.
He said it is also to ensure economic prosperity and an inclusive society so that the future generations would enjoy a fair share, adding that the initiative provides economic transformation and diversified stream of revenue to drive Sarawak to another level in time to come.
“Sarawak is fortunate that it is endowed with abundant natural resources. If there is no proper control on the current rate of extraction, in no time our resource will diminish.
“We will leave nothing for the future generation, as such there is urgent need to address the depletion of our natural resources and income, we derive from it to support future needs of Sarawak,” he said in support of the Bill.
He commended how the fund will also be targeting to provide free and quality education to Sarawakians thus creating the state’s capacity building by sending Sarawak’s young talents to world renowned universities to pursue knowledge and skills.
Meanwhile, GPS-Bukit Begunan assemblyman Datuk Mong Dagang also supported the Bill stating that it is a manifestation of GPS government’s firm commitment and fulfillment of one of the many promises made in its election manifesto.
He lauded Abang Johari for making a brilliant move to establish the fund as it should be able to further strengthen the state’s economy through diversification such as investment in financial assets, real estates, and even precious metal.
“The underlying reasons for the creation of the fund had been clearly explained by Abang Johari. All funds have their own goals which are mutually complementary and can change over time according to the specific needs of the given economy and the situation in the financial market.
“I am sure that the fund would be managed by investment specialists and should utilise a long-term investment standpoint. Towards this end, I am pleased to note that one of the important clauses in the Bill is to establish a Board and secondly approval by way of resolution passed by DUN for withdrawal of funds from the State Consolidated Fund,” he said.
