KUCHING: The newly announced Sarawak State Ownership Policy represents a fundamental shift from traditional public-sector management to evidence-based governance.
Bawang Assan assemblyman Datuk Seri Wong Soon Koh said the sweeping framework introduced by Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg seeks to move state-owned enterprises (SOEs) away from subsidy-driven operations and towards a culture of accountability, professionalism and performance.
“This is not just about protecting state assets, but making them productive, self-sustaining and value-generating,” he told Sarawak Tribune.
Wong noted that the policy aims to bring Sarawak’s governance standards in line with global best practices.
The policy, developed under the Sarawak Public Financial Management Transformation Programme in collaboration with the World Bank — will consolidate state assets under a unified framework, introduce a Sarawak corporate governance code for SOEs, implement results-based budgeting, adopt Malaysian Public Sector Accounting Standards (MPSAS), and roll out digital performance monitoring via the e-SOEs system.
“For the first time, Sarawak will have a complete, transparent record of what the state owns, what each entity is worth, and how well it performs,” he added.
Wong stressed that stronger governance would translate into stronger investor confidence, making Sarawak “open, responsible and investment ready.”
This, he said, could unlock strategic partnerships and private sector co-investment in key growth areas such as renewable energy, hydrogen technology, the digital economy and agri-industries.
While acknowledging that implementation will not be easy, especially as some agencies still lack the expertise or systems to operate without state aid, he was confident that Sarawak’s political stability and leadership continuity would help sustain the reform momentum.
He also highlighted the Premier’s commitment to ensure that government ownership goes hand-in-hand with accountability and performance, bringing Sarawak closer to governance models practised in advanced economies.
“If properly implemented, this policy could become Sarawak’s next great success story, placing the state among the best-managed economies in the region,” he added.
