Rep: Sovereign wealth fund to mitigate impact of depletable resources
THE setting up of Sarawak Sovereign Wealth Future Fund will allow the state to mitigate the impact of its depletable oil and gas natural resources, said Dr Simon Sinang Bada (GPSTebedu).
“We want our fund to grow to enable us to maximise our capital and to enable us to mitigate the impact of our depletable natural resources, especially our oil and gas that we are highly dependent on,” he said when debating the Sarawak Sovereign Wealth Future Fund Board Bill 2022.
Dr Simon said the establishment of the fund was also timely with the objective of safeguarding the future of Sarawakian children.
He also said that countries such as Norway, United States of America, China, Singapore, Brunei and South Korea have successfully managed their sovereign wealth funds that had seen huge wealth being amassed for their citizens.
He added that the state’s financial surplus had to be properly managed by investing into the fund to generate income for the future generations.