KUCHING: Sarawak will stand to benefit by emulating Norway in its sovereign fund set-up.
Political observer Datuk Peter Minos said governments in Norway and Singapore had created sovereign funds for the future which was very smart of them and forward-thinking.
Minos pointed out that Norway is not a big nation but has vast oil and gas resources.
“However, instead of spending such natural fortunes now, they are saving them for future generations.
“Norway saves and invests its vast oil and gas wealth now worth over USD 1 trillion very prudently in very safe and good areas all over the world,” he said in a statement on Saturday (May 14)
Minos also said that Norway only spends on the yearly interests and dividends amounting to billions for the development of the people.
“The remainder is ploughed back for more investments,” he said.
Minos said that the interests and dividends from the sovereign fund plus other revenues are huge and enough for Norwegians to have the best living and livelihood.
“Norwegians, all of them, worry little about education, medicare, and many other things. Norway looks after its people very well in a so-called friendly socialist way.
“Despite having little and no natural resources except the skills and intelligence and grit of the people, Singapore has a very huge sovereign fund. Also to cater for the future. Very wise and smart of them,” he said.
He criticised that many developing nations have some oil and gas wealth but squander them all in white elephant projects and not for the benefit of the people, much less the future.
“When such nature is depleted or gone, they get poor and then go under. That is the way of the unwise and badly run nations. We must have none of these.”
Hence he stressed that Sarawak will do very well in emulating wise and well-run Norway.
“Whatever amount we get yearly from Petronas and later Petros from oil and gas. Let’s say we put aside 30 per cent in our sovereign fund.
“We badly need say 70 per cent for the present economic and infrastructural development that is necessary.
“Once the lives of our people are reasonably alright, our sovereign fund can then increase. That is the prudent way.
“Thanks to the Sarawak government especially to the Premier in taking up the wise ways of Norway,” he said.
