Sarawak, Armed Forces Fund Board forge partnership for strategic economic collaboration

Abang Johari witnessing the exchange of MoU between Wan Lizozman (left) and Mohammad Ashraf at Affin Bank Kuala Lumpur on July 19, 2024. Photo credit: Ukas

By DayakDaily Team

KUCHING, July 19: The Sarawak government has partnered with the Armed Forces Fund Board (LTAT) to explore potential collaboration, particularly in six priority sectors of manufacturing, commercial agriculture, tourism, forestry, mining, and services.

The collaboration, with the aim of sharing information and supporting each other, was formalised through a memorandum of understanding (MoU) signed at a ceremony held at Affin Bank in Kuala Lumpur today.

Addressing the ceremony, the Premier of Sarawak, Datuk Patinggi Tan Sri Abang Johari Tun Openg, emphasised that LTAT’s philosophy of long-term sustainable investment aligns with Sarawak’s investment philosophy.

“This first collaboration with LTAT is just the beginning of bigger possibilities and opportunities. Indeed, the signing of this MoU will establish a platform for Sarawak to further collaborate with LTAT for the common interest and benefit of both parties.

“Let us not shy away from the hurdles that lie ahead, as within these challenges lie immense potential. I hope that, with the signing of the MoU, both Sarawak and LTAT will continue to explore potential collaborations, ” he urged in his speech.

Abang Johari noted that LTAT manages a sustainable provident fund that was established in August 1972 with an investment goal of providing sustainable long-term growth in its members’ retirement savings through consistent dividend returns and capital preservation.

LTAT has a sound, diversified portfolio that spans various asset classes and key sectors, including financial services, property, oil and gas, pharmaceutical heavy industries, plantation, manufacturing, construction, technology, consumer, and industrial products.

Abang Johari highlighted that Sarawak needs to continue to demonstrate innovation and collective commitment to progress and drive its economy to double its gross domestic product (GDP) by 2030.

“We only have six years to achieve this, and hence, business cannot be usual. We need to demonstrate resilience and agility and find new paths and opportunities for growth in the challenging economic landscape,” he stressed.

In the MoU exchange, the Sarawak government was represented by Sarawak Financial Secretary Dato Sri Dr Wan Lizozman Wan Omar, while LTAT was represented by chief executive Mohammad Ashraf Md Radzi.

Deputy Prime Minister Dato Sri Fadillah Yusof, Deputy Minister of Defence Malaysia Adly Zahari, Deputy Premier Datuk Amar Douglas Uggah Embas, Deputy Premier Datuk Amar Awang Tengah Ali Hasan, Deputy Premier Datuk Amar Dr Sim Kui Hian, federal and Sarawak ministers, as well as Affin Bank Berhad president and group chief executive officer Datuk Wan Razly Abdullah were among those present. — DayakDaily