Sarawak’s economy expected to be more stable from sovereign fund investments, says Abang Johari

Sarawak Premier Tan Sri Abang Johari Tun Openg said that he is confident with a total of RM8 billion deposited in strong financial institutions, the fund will continue to grow undisturbed within 20 years. — Bernama picKUCHING, Oct 29 — The Sarawak economy is expected to become more stable and have surplus income from investments in the Sovereign Wealth Future Fund.

Sarawak Premier Tan Sri Abang Johari Tun Openg said that he is confident with a total of RM8 billion deposited in strong financial institutions, the fund will continue to grow undisturbed within 20 years. “Unless we face a war and a crisis that requires funds, but based on normal circumstances we don’t touch the fund for 20 years, which means this fund will grow like the Norwegian Fund.

“That’s why we have international members who have managed such funds, one from Europe and the other from the United States,” he said, after holding a meeting with the board of trustees of the fund, here today.Abang Johari said that the board of trustees members will monitor and manage the fund according to world governance — the Santiago Principles.“There are several important committees to assess the risk before they invest.

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