Uggah visits one of the participating booths after officiating the Bursa Marketplace Fair 2024. – Photo by Galileo Petingi
KUCHING (Nov 9): Sarawak has allocated RM8 billion in initial seed capital for the Sarawak Sovereign Wealth Future Funds (SSWFF), said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
Abang Johari said this fund would be invested in growth-oriented portfolios where he projected that its revenues would grow between RM400 to RM600 million by 2034.
“These funds will be invested in growth-oriented portfolios to expand our savings alongside rising revenues,” he said.
The Premier said this in his text-of-speech read by his deputy Datuk Amar Douglas Uggah Embas at the launching of Bursa Marketplace Fair 2024 at Vivacity Megamall here today.
Commenting further, Abang Johari remarked that the state has been recognised as a ‘high-income region’ by the World Bank earlier this year, with a Gross National Income (GNI) per capita reaching approximately US$17,000, or nearly RM75,000.
“While this is promising, the statistics do not necessarily reflect high incomes for all households or indicate an absence of poverty.
“Our focus remains on elevating the median household income which now stands at RM4,978, which is below the national average of RM6,338.
“There is more to be done to ensure that every Sarawakian enjoys an equitable share of this growth,” he emphasised.
Abang Johari also commended Bursa Malaysia for expanding its reach to Sarawak through the hosting of the Bursa Marketplace Fair, which he deemed could promote financial literacy and investment knowledge among the citizens.
“Learning to invest is a means to build, capture, and enjoy more of the benefits from economic growth in the coming years,” he said.
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