Government-linked investment companies (GLICs) and government-linked companies (GLCs) are stepping up their role in developing Malaysia’s domestic economy, backed by an additional RM120 billion in investments under the GEAR-uP initiative from 2024 to 2028.
Finance Minister II Datuk Seri Amir Hamzah Azizan said more than RM20 billion was invested last year, with a similar level expected this year, signalling that the commitments are beginning to translate into projects on the ground.
He said the investments are being aligned with national priorities, with the New Industrial Master Plan serving as a key guide for deployment into sectors that can raise economic complexity, attract higher-quality domestic and foreign investment and create better-paying jobs.
Amir Hamzah said GLICs and GLCs are also supporting efforts to lift wages as more than 92% of GLCs under GLICs have adopted the living wage since the beginning of this year, setting what he described as a benchmark for the wider private sector as productivity improves.
The government-linked ecosystem is also supporting talent development through Bakat MADANI, which links university and technical and vocational education and training graduates with internship and training opportunities.
Amir Hamzah said 25,000 individuals are expected to benefit from the programme this year and next, helping prepare Malaysia’s workforce for a more complex economy.
Investments are also being channelled into longer-term national priorities, including the ageing economy. He said GLICs have invested in companies providing care workers, while Retirement Fund (Incorporated) has made investments linked to retirement villages.
“What is important for the GLIC and GLC is actually to look at what the national priority is and try to find things that are relevant to the national agenda,” he said.
