Six GLICs commit to RM120 Billion domestic investment, says PM

KUALA LUMPUR: Six major government-linked investment companies (GLICs) have collectively committed RM120 billion for direct domestic investment (DDI) over the next five years, said Prime Minister Datuk Seri Anwar Ibrahim.

He added that this amount does not include their investments in the public capital markets, which total RM440 billion.

This commitment is part of the first phase of a program known as GEAR-uP.

The six GLICs are Khazanah Nasional Berhad, Employees Provident Fund (EPF), Retirement Fund (Incorporated) (KWAP), Permodalan Nasional Berhad (PNB), Tabung Haji, and Armed Forces Fund Board (LTAT).

“We will use these funds to support local entrepreneurs and industries, focusing on high-growth and high-value sectors.

“Yesterday, I was briefed on the GEAR-uP program, which brings together GLICs to drive structural reforms in Malaysia as envisioned in the MADANI Economic Framework,” he said in a Facebook statement.

He added that as major industry players owned by the government, these GLICs have strong financial positions and significant influence in advancing the country’s development agenda.

The funds will also be allocated for modernizing existing industries such as palm oil and Islamic finance.

“I hope that the GEAR-uP program, aimed at initiating social change and economic transformation, will be well-received by all private sector players.

“This will ensure that the Malaysian business community becomes more modern, sustainable, and humane,” he said.