In a significant move to bolster Malaysia’s economic landscape, investments totaling up to RM3 billion are set to be injected by the national wealth fund Khazanah Nasional Bhd, the Retirement Fund Incorporated (KWAP), and Blue Chip Venture Capital (BCVC).
Prime Minister Datuk Seri Anwar Ibrahim unveiled this ambitious investment plan during his address at the KL20 2024 Summit today. He emphasised that these investments will be channeled into the Southeast Asian and Malaysian ecosystems as part of the ASEAN Investment Initiative.
Anwar, who also serves as the Finance Minister, highlighted Khazanah Nasional’s upcoming initiative, the “National Fund of Funds,” which will kickstart with an initial allocation of RM1 billion. This fund aims to fuel the growth of high-potential and innovative Malaysian companies.
This initiative comes in the wake of the MADANI 2024 Malaysian Budget announcement last year, which underscored the government’s steadfast commitment to supporting Malaysian businesses across various sectors, ranging from Bumiputera entrepreneurs to startups, small and medium enterprises (SMEs), and emerging enterprises poised for success.
Anwar further disclosed the government’s intention to streamline investment agencies such as Malaysia Venture Capital Management Bhd (Mavcap) and Penjana Kapital under Khazanah Nasional’s umbrella, emphasising a unified approach towards fostering economic growth and prosperity in Malaysia.
“The government also aims to consolidate investment agencies such as Malaysia Venture Capital Management Bhd (Mavcap) and Penjana Kapital under Khazanah Nasional,” he said.
