Sarawak keen to learn from UK's sovereign wealth fund, says its premier

KUCHING: Sarawak is keen to learn from Britain on its sovereign wealth fund's investment strategies, management and governance in setting up the state's own sovereign wealth fund.

The state's Premier Tan Sri Abang Johari Tun Openg said Sarawak wanted to generate revenue from future surplus funds for the benefit of future generations.

"We hope that officials from the International Forum of Sovereign Wealth Funds (IFSWF) will share their experiences and expert knowledge on the operations and governance of state-owned investment funds," he said when leading a state delegation to meet IFSWF and PriceWaterhouseCoopers (PWC) in London on Thursday (July 28).

IFSWF is a voluntary organisation of global sovereign wealth funds committed to working together and strengthening communities through dialogue, research and self-assessment.

The Premier's delegation included Deputy Premiers Datuk Amar Awang Tengah Ali Hasan and Datuk Seri Dr Sim Kui Hian, State Secretary Datuk Seri Mohamad Abu Bakar Marzuki, State Attorney-General Datuk Seri Talat Mahmood Abdul Rashid, State Financial Secretary Datuk Seri Wan Lizozman Wan Omar and Deputy State Secretary Datuk Dr Muhammad Abdullah Zaidel.

They later met fund managers of UK Government Investment Ltd (UKGI) to understand policy structures and expert advice on the development of sovereign wealth funds.

Abang Johari previously said a Bill would be tabled in the Sarawak Legislative Assembly in November to provide the legal framework for the fund to be set up.

He had also travelled to Norway and Singapore to study the models used in these countries.

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