Sarawak delegation in Singapore to study wealth fund

Sarawak delegation in Singapore to study wealth fund
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SINGAPORE (July 6): A high-level delegation from the Sarawak state government, led by Premier Tan Sri Abang Johari Tun Openg, met up with officials of the Government of Singapore Investment Corporation (GIC) here on Wednesday (July 6).

The visit is part of the benchmarking process that will lead to the establishment of Sarawak’s very own sovereign wealth fund as announced by the premier previously, according to a statement from the Office of the Premier of Sarawak.

During the visit, members of the delegation were briefed on the operation, governance structure, investment strategies and policy framework of the Singapore government’s investment arm.

The premier was accompanied by Deputy Premiers Datuk Amar Douglas Uggah Embas and Datuk Amar Awang Tengah Ali Hasan, acting state secretary Datuk Seri Mohamad Abu Bakar Marzuki and state financial secretary Datuk Seri Dr Wan Lizozman Wan Omar.

Earlier in May, Abang Johari said that a bill to create a sovereign wealth fund ordinance in Sarawak will be tabled in the State Legislative Assembly this November, and that the fund would begin its operation in 2024.

The premier undertook a similar visit to Norway in May to study the operation and governance of Norway’s sovereign wealth fund as among the preferred models for managing and investing Sarawak’s surplus funds.

GIC, one of the three investment entities in Singapore that manage the government’s reserves, alongside the Monetary Authority of Singapore and Temasek, was established in 2001 to manage Singapore’s reserves for long-term returns as the world’s first non-commodity-based sovereign wealth fund.

Today, GIC has assets in over 40 countries and offices in 10 key financial cities, with over 1,800 employees globally and its net investment return contribution estimated to be to the tune of S$21.56 billion (about RM67.96 billion) in financial year 2022.

Earlier, the republic’s Ministry of Foreign Affairs said that during the five-day visit, Abang Johari will call on Prime Minister Lee Hsien Loong, Deputy Prime Minister and Minister for Finance Lawrence Wong, and Senior Minister and Coordinating Minister for National Security Teo Chee Hean.

He will also meet with several other ministers, including Minister for Foreign Affairs Dr Vivian Balakrishnan, Minister for Sustainability and the Environment Grace Fu, Minister for National Development Desmond Lee, and Minister for Manpower and Second Minister for Trade and Industry Dr Tan See Leng.