Sarawak delegation in S’pore to study republic’s sovereign wealth fund

Abang Johari (center) and the Sarawak delegation in a group photo with GIC officials.

KUCHING (July 6): A high-level delegation from the Sarawak government, currently in Singapore on a five-day study visit, met with officials of the Government of Singapore Investment Corporation (GIC) this morning.

Led by Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg, the delegation was briefed on the operation, governance structure, investment strategies and policy framework of the Singapore government’s investment arm.

Accompanying Abang Johari at the meeting held at GIC’s head office were Deputy Premiers Datuk Amar Douglas Uggah Embas and Datuk Amar Awang Tengah Ali Hasan, Acting State Secretary Dato Sri Mohamad Abu Bakar Marzuki and State Financial Secretary Dato Sri Dr Wan Lizozman Wan Omar.

The Premier of Sarawak’s Office in a press release said the visit is part of the benchmarking process that will lead to the establishment of Sarawak’s very own sovereign wealth fund, as previously announced by Abang Johari.

The Premier has indicated that the ordinance for setting up and governing the proposed Sarawak’s sovereign wealth fund will be tabled in the State Legislative Assembly (DUN) in November. It is expected to come into operation in 2024, ”said the press release.

Earlier in May this year, the Premier made a similar visit to Norway to study the operation and governance of Norway’s sovereign wealth fund as among the preferred models for managing and investing in Sarawak’s surplus funds.

GIC was established in 2001 as one of three entities to manage Singapore’s reserves for long-term returns as the world’s first non-commodity-based sovereign wealth fund.

The other two entities managing the government’s reserves are the Monetary Authority of Singapore (MAS) and Temasek.

Meanwhile, the press release said the Premier and Deputy Premiers in the afternoon met the republic’s Minister of Manpower and Second Minister of Trade and Industry Dr Tan See Leng.

This was followed by a joint meeting with Minister of Sustainability and Environment Grace Fu, and Minister of National Development Desmond Lee.

It was reported earlier that Abang Johari is visiting Singapore for five days until July 9.

He 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.

The Premier will also meet several other ministers including Minister for Foreign Affairs Dr Vivian Balakrishnan.

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