THE government has aligned the investment strategies of government-linked investment companies (GLICs) and public funds with Malaysia's long-term economic priorities through the GLIC Empowerment and Reform (GEAR-uP) programme, the Deputy Finance Minister Liew Chin Tong said.
In a written reply in the Dewan Negara on Wednesday, Liew said the policy is anchored on the MADANI Economy framework, which aims to place Malaysia among the world's 30 largest economies while increasing the share of national income received by workers to 45 per cent.
He said investment priorities are guided by key national policies, including the New Industrial Master Plan 2030 (NIMP 2030), the National Semiconductor Strategy (NSS), the National Energy Transition Roadmap (NETR) and the 13th Malaysia Plan (13MP).
The Deputy Minister said the GEAR-uP programme, launched in August 2024, serves as the government's primary coordination mechanism by bringing together six major GLICs — the Employees Provident Fund (EPF), Permodalan Nasional Berhad (PNB), Retirement Fund Incorporated (KWAP), Khazanah Nasional, Lembaga Tabung Haji and the Armed Forces Fund Board (LTAT).
Collectively, the institutions have committed RM120 billion in domestic direct investments (DDI) between 2024 and 2028, in addition to RM440 billion already invested in the domestic public market.
Beginning in 2025, the initiative was expanded to include 37 government-linked companies (GLCs), with GEAR-uP serving as a strategic coordination platform to channel investments into high-growth, high-value sectors while ensuring commercial viability and fulfilling each institution's fiduciary responsibility to generate sustainable returns for contributors and unit holders.
The ministry said every ringgit of institutional capital is intended to attract greater private sector participation through a "crowding-in" approach.
Liew added that the implementation has progressed through three phases, beginning with strategic commitments in 2024, followed by capital deployment in 2025 through investment vehicles such as Jelawang Capital, Dana Perintis, Dana Pemacu and Dana Iklim+, which contributed to domestic direct investment by the GLIC ecosystem nearly tripling compared with 2024.
In 2026, the ministry said the investments have begun producing tangible outcomes at company level, including job creation.
Among the examples cited was local semiconductor design firm SkyeChip, which received support from Khazanah Nasional and KWAP from its early growth stage through to its public listing.
Khazanah's strategic investment in global technology company Syntiant has also facilitated technology transfer to Malaysia and created around 800 high-skilled jobs in Penang.
In the agro-technology sector, Khazanah has invested in local agritech company Aonic to modernise upstream agricultural production, while KWAP has supported the regional expansion of Malaysian brands such as Mamee and ZUS Coffee.
Liew also highlighted Khazanah's Warisan KL initiative, under which the Sultan Abdul Samad Building has been reopened to the public and revitalised through the participation of local brands including Oriental Kopi and Royal Selangor.
Beyond GLICs, the ministry said Minister of Finance Incorporated (MOF Inc) companies play a complementary role by undertaking strategic investments in sectors requiring substantial capital or involving high technology where private sector participation remains limited.
These entities also fulfil social obligations, including providing public transport and utility services, maintaining government equity in strategic industries and maximising the economic impact of public investments.
The ministry said the benefits of the investment strategy ultimately flow back to the public through returns for more than 18 million EPF members, over 11 million PNB unit holders, and contributors to LTAT and Tabung Haji.
It added that the programme also supports the creation of high-skilled jobs, talent development through the Bakat MADANI platform launched in June 2026, stronger vendor and SME ecosystems, and a shared commitment by GLICs and GLCs towards implementing living wages.
He added a comprehensive progress report on the GEAR-uP programme will be released soon, reaffirming the government's objective of ensuring institutional capital builds sustainable industries, competitive companies and stronger long-term economic opportunities for Malaysians. - July 22, 2026
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