Prime Minister Datuk Seri Anwar Ibrahim has called for reforms in Government-linked investment companies (GLICs) and government-linked companies (GLCs) so that they are more focused on the development and well-being of the people as outlined in the framework of MADANI Economy which is to empowering the people.
In a Facebook post today (Dec 22), Anwar said GLICs have a responsibility to align themselves with the Government in driving economic growth and the greatest income of the people.
“With the total size of assets under management worth RM1.84 trillion, which is almost the same as the size of Malaysia’s nominal gross domestic product (GDP) this year, GLICs in Malaysia are able to generate growth for the Malaysian economy. During the session, I gave the GLIC a mandate to increase their respective domestic direct investment,” he said yesterday after chairing a meeting with the chief executive officers of GLICs which formed a prelude to the reform of GLICs and GLCs in order for them to be more focused on the development and well-being of the people and government policy.
He said, GLICs and GLCs should mobilise efforts to support the country’s aspirations as a world-class Islamic economic hub and investment destination, said Anwar, who is also the finance minister.
“GLICs and GLCs should also increase investments in the digital and renewable energy sectors, as well as encourage the micro, small and medium enterprise sector (MSMEs) to expand their market to regional countries as outlined in the national aspirations.
“I welcome the recommendations of the chief executive officers of GLICs to improve the well-being of the people and the progress of the local economy,” he added.
Among the suggestions that have been made are making better use of expenses from corporate zakat (tithe) collection, establishing collaboration with the private sector to develop student accommodation and mobilising more funds for investment in unlisted companies in the small and medium enterprise (SME) sector, he said.
Anwar added that he also mandated GLICs to increase their respective domestic direct investments because GLICs have a responsibility to work together with the government in driving economic growth and expanding the income of the people.
“To ensure that these missions are achieved, the government will continue to hold regular meetings chaired by me or Finance Minister II Datuk Seri Amir Hamzah Azizan to monitor the achievements and progress of initiatives led by GLICs.
“God willing, with this approach, Malaysia will move faster towards sustainable and equitable progress,” he said.
