MUKAH: The proposed setting up of the Sovereign Wealth Fund is to guarantee a good financial position for Sarawak if its petroleum resources are depleted, said Chief Minister Tan Sri Abang Johari Tun Openg.
He said that through the fund, Sarawak's wealth would be saved and invested professionally by international investment managers and the returns from it would be used to ensure a good future for the coming generations.
"That is why, if GPS wins (in the Sarawak state election) tomorrow, I will establish the Sovereign Wealth Fund for the future of our young ones," he said when launching the Sarawak Youth Tour 2021 programme here today.
The establishment of the Sovereign Wealth Fund to strengthen the finance of the state for the future was among the 34-point manifesto announced by Gabungan Parti Sarawak (GPS) for the 12th Sarawak election.
Abang Johari, who is the GPS chairman, said the state's economic development plan until 2030 had been specially formulated for the youths of today and who will be the leaders of tomorrow.
According to Abang Johari, GPS is featuring many young candidates for this election, including Royston Valentine for the Tellian state seat.
He said many more youngsters would be raised as leaders when it's time to hand over the leadership to them, but he was quick to point out that they should be guided by experienced leaders so as not to act emotionally.
He added that the old and young in GPS have joined hands to take Sarawak towards the economic development of the digital era.
Meanwhile, Abang Johari hoped that apart from diving, swimming and football, youths in the state would also shine in e-sports in keeping with the current trend, adding that they should also get involved in performing arts.
He pointed out that the old State Legislative Assembly building would be turned into a cultural centre, similar to Istana Budaya in Kuala Lumpur, to increase performing arts and culture activities in the state.
-- BERNAMA
Bernama
Fri Dec 17 2021
The proposed setting up of the Sovereign Wealth Fund is to guarantee a good financial position for Sarawak if its petroleum resources are depleted, said Chief Minister Tan Sri Abang Johari Tun Openg. - BERNAMA
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.
Economic outlook: Budget 2025 to lay foundation for a digital-driven economy
The report said Budget 2025 will entail efforts to position Kuala Lumpur as a top 20 global startup hub by 2030 through the KL20 initiative.
Economic outlook: Corruption and lack of accountability hinder economic progress
Special Cabinet Committee on National governance is established to curb corruption, law reforms to modernise outdate regulations, MoF said.
National Wages Consultative Council will be strengthened
The govt will also incentivise hiring women returning from career breaks, offer job matching and improve care services facilities.
Economic outlook: Ensuring 11 years of compulsory education for all children
Budget 2025 will continue prioritising upskilling and retraining initiatives to equip workers with the latest skill sets necessary.
Consolidated public sector projected to record lower surplus of RM41.7 bil 2024
The MoF said the consolidated general government revenue is estimated to increase slightly to RM384.7 billion in 2024.
PM announces substantial Budget 2025 hastening Malaysia to become Asian economic powerhouse
Datuk Seri Anwar Ibrahim said it would create jobs and also tackle financial leakages to enhance public spending efficiency.