By SINGAPORE: A high-level delegation from the government of Sarawak, now in Singapore on a five-day study visit this morning met with officials of the Government of Singapore Investment Corporation (GIC) at its head office in Capital Tower, here.
The Sarawak delegation, led by the Premier, Datuk Patinggi Tan Sri Abang Johari Tun Openg was briefed on the operation, governance structure, investment strategies and policy framework of the Singapore government’s investment arm.
The Premier was accompanied by Deputy Premiers, Datuk Amar Douglas Uggah Embas and Datuk Amar Awang Tengah Ali Hasan, Acting State Secretary, Datuk Seri Abu Bakar Marzuki and State Financial Secretary, Datuk Seri Wan Lizozman Wan Omar.
The visit is part of the benchmarking process that will lead to the establishment of Sarawak’s very own Sovereign Wealth Fund as announced by the Premier previously.
The Premier has indicated that the ordinance for setting up and governing the proposed Sarawak’s sovereign wealth fund will be tabled in the State Legislative Assembly (DUN) in November and its expected to come into operation in 2024.
Earlier, in May this year the Premier made a similar visit to Norway to study the operation and governance of Norway’s sovereign wealth fund as among the preferred models for managing and investing Sarawak’s surplus funds.
GIC, one of the three investment entities in Singapore that manage the government’s reserves, alongside the Monetary Authority of Singapore (MAS) and Temasek was established in 2001 to manage Singapore’s reserves for long-term returns as the world’s first non-commodity-based sovereign wealth fund.
Today, GIC has assets in over 40 countries and offices in 10 key financial cities with over 1,800 employees globally and Net Investment Returns Contribution (NIRC) estimated to be to the tune of S$21.56 billion in the Financial Year (FY) 2022.
Later, in the afternoon the Premier and the Deputy Premiers will meet with Tan See Leng, Minister (Manpower) and Second Minister (Trade and
Industry).
This was followed by a joint meeting with Desmond Lee, Minister (Sustainability and Environment) and Grace Fu, Minister (National Development).
Comments