Majlis@Waseda: ” Understanding Asia’s Latest Sovereign Wealth Funds: Think Global, Act Local”
We are excited to announce that the Chair of the State of Qatar in Islamic Area Studies at Waseda University will be organizing the Majlis@Waseda on December 19, 2024. We would like to share with you some important details about the event: Understanding Asia’s Latest Sovereign Wealth Funds: Think Global, Act Local”
Dr. Guanie Lim
National Graduate Institute for Policy Studies, Japan
December 19, 17:30-19:00
Waseda University Building 3, Room 305
The Public Investment Fund (PIF) of Saudi Arabia has been making waves in the Middle East and international markets in recent years. Some of its most ambitious undertaking include the development of the futuristic city of Neom and ownership of several football teams. Elsewhere in Asia, the relatively recent inception of the Sarawak Sovereign Wealth Future Fund and Samruk-Kazyna, from Malaysia and Kazakhstan respectively, has raised eyebrows. Like PIF, key concerns about these two sovereign wealth funds include but are not limited to new, often project-related concerns as well as old, if unspoken, fears that funds of such nature may pursue investment that serve (geo)political objectives rather than purely financial returns.
This presentation turns these issues on their head. It argues that the increased presence of sovereign wealth funds (and by extension, state capital) has been evident since at least the 2008 global economic crisis. To resuscitate a quickly sagging market then, governments across the world saw it fit to intervene more directly in the economy then; many of which have since grown at ease with this role. More importantly, the presentation demonstrates that these three sovereign wealth funds, despite their (to varying degree) pursuit of prized foreign assets, are ultimately driven by domestic priorities. In other words, there is no clear evidence that they are furthering Saudi Arabian, Malaysian, and Kazakhstani geostrategic interests across the world. For the PIF, its transformation from a passive fund largely obscure from public attention into arguably one of the highest profile sovereign wealth funds in the world is tied to the personal ambition of Crown Prince Mohammed bin Salman. Similarly, the Sarawak Sovereign Wealth Future Fund is part of a move by a provincial government to wrestle back economic autonomy from the Malaysian central government whereas Samruk-Kazyna was borne out of a desire to more vigorously resuscitate an economy that has grown perhaps too one-dimensional.
Please pre-register if you wish to attend at: https://forms.gle/NHwJJZMmwjNemrTX7
