Time for Penang to have a sovereign wealth fund, says Governor

GEORGE TOWN: Penang should explore the setting up of a sovereign wealth fund, says Yang di-Pertua Negeri Tun Ahmad Fuzi Abdul Razak.

Ahmad Fuzi said this would help the state be more financially self-sufficient and have a means to help its people in education, skills acquisition and other socio-economic efforts.

"It could be like the Sarawak Sovereign Wealth Future Fund... to convert non-renewable assets into financial assets, invest in the future through forced savings, and secure the continued growth of financial reserves through diversified investments," he said when opening the Penang Future Forward Summit 2023 here on Tuesday (March 14).

He said it would be good for Penang to learn from Sarawak as it does not hurt to explore the bold policies of others, adopt and adapt whatever can be good for Penang in the long run.

Around 300 captains of industry attended the summit, organised by KSI Strategic Institute for Asia Pacific.

Several organisations received industry excellence awards at the summit, including Star Media Group which received the Penang Icon Leadership Award for Media.

The award was received on behalf of the group by chief executive officer Alex Yeow.