BANDAR SERI BEGAWAN: The Sarawak government plans to set up a consolidated entity as an asset management and investment of the government.
Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said he had instructed a study to be carried out by experts to determine its feasibility aimed at increasing government revenue for the long term.
He said this in his keynote address at the closing of the three-day Sarawak’s Civil Service’s One Team Retreat (OTR) held here in conjunction with the launch of the Sarawak Trade and Tourism Office Brunei (STATOB) today (Oct 3).
Abang Johari added that currently, the state’s investment branch is under the Sarawak Incorporated while the Sarawak Sovereign Wealth and Future Fund (SSWFF) has been operating with an initial capital injection of RM8 billion by the state government.
“It would work much like similar entities in other developed countries such as the Singapore’s Temasek Holdings and the Government Of Singapore Investment Corporation (GIC), Mubadala Investment Company of UAE, China Investment Corporation and Japan Investment Corporation,” he said while explaining the modus operandi of such an entity.
Additionally, he stated that all government assets held by various statutory bodies and government-linked companies like SEDC, Sarawak Energy Berhad (SEB) and Petrolium Sarawak Berhad (Petros) would be consolidated under this one entity and to be run like any other business body,
“I envisaged that this model of assets and investments management with the member-bodies as shareholders would provide an atmosphere conducive to the ‘mobility’ of professionals among the member bodies along the principle of ‘hire and fire’ to ensure that the bodies are well-run.
“Such a model would also enable remuneration to be set at a high level and comparable to those in developed countries.”
In regards to the acquisition of majority shares in Affin Bank, Abang Johari said the bank as a retail bank would be a platform to spur development in small and medium businesses as well as a platform to facilitate the current robust overall development of the state.
“The Development Bank of Sarawak (DBOS) set up in 2017 had been a financial platform mandated with the development of strategic projects such as infrastructure to boost the state’s economy.”
Earlier, State Secretary Datuk Amar Mohamad Abu Bakar Marzuki spoke among others on the solutions to ensure speedy and interrupted implementation of government projects and the management of assets in the state’s civil service.
Among those present were Deputy Premiers Datuk Amar Dr Sim Kui Hian and Datuk Amar Awang Tengah Ali Hasan, ministers and deputy ministers.
Abang Johari then officially launched the operation of STATOB aimed at enhancing trade and tourism relations between Brunei and Sarawak.
