Sovereign Wealth Fund can do wonders for state
By:Noor Syahhira Hady
Date:
KCHSV-dunsafiee-1602-man

KUCHING: The Sarawak Sovereign Wealth Future Fund should approach its investment decisions methodically, carefully and cautiously.

In stating this, Safiee Ahmad (GPS-Daro) pointed out that it is important the fund neither adopts a risk-free mindset nor pursues maximal returns at any reckless risk.

“Therefore, the government should establish the risk parameters, and the said Fund should develop and oversee a diversified mix of various investment classes, whether short-term or long-term, to obtain the best results within these constraints to bring betterment for the future of Sarawak,” he said.

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

In light of the important factors being considered, he strongly believes that it will be an open door to all wonders for Sarawak.

“Under the leadership of the Premier, we can see that we are on the right track and a bright future is ahead of us,” he said.

He added that not only will the Sarawak Sovereign Wealth Future Fund result in more revenue for developments, just like Norway and Singapore, it will also bring more job opportunities, strengthen the economy, eradicate poverty, better and free education for the future generations, and build trust from both local and foreign investors.

“It is my greatest hope that the Sarawak Sovereign Wealth Future Fund will act as the greatest vehicle for our excess financial reserves to be invested in, provided that we follow the proven successful model of Norway’s Government Pension Fund and also following the bold steps done by Government Of Singapore Investment Corporation (GIC) with the sole aim to adequately care for ourselves while watching out for the welfare and prosperity of our children and grandchildren, also future generations who are yet to be born.

“With that, I strongly support the Bill,” he said.

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