The Premier of Malaysia’s largest state, Sarawak, Tan Sri Abang Johari Tun Openg, stated in a speech Thursday that he has visited Norway, Singapore and the United Kingdom, and wants to model his state’s sovereign fund management based on the best practices in those countries.
He said the state government is looking at, and studying, the sovereign fund management of Norway, with its natural resources-based economy, Singapore which is without natural resources, and the United Kingdom from its global perspective.
The proposal for the establishment of Sarawak Sovereign Fund will be addressed in the next State Legislative Assembly sitting. The Premier’s intent with the new investment fund is to realise Sarawak’s ambition of providing free university education.
“Our income has increased. That’s why I dare to propose that we establish a sovereign fund that will be our reserve fund to secure the future. Going by the books, we could be the first state to have a sovereign fund,” he said, according to Daily Express.