Finance Minister II: RM120b GLIC push must translate into productivity, higher wages
THE RM120 billion investment planned by government-linked investment companies (GLICs) under the GEAR-uP initiative must translate into higher productivity, better-paid jobs and a more complex economy, Finance Minister II Datuk Seri Amir Hamzah Aziza...
Finance Minister II Amir Hamzah Azizan affirmed that the RM120 billion investment plan by government-linked investment companies (GLICs) under the GEAR-uP program must yield higher productivity, improved wages, and a more intricate economy. Over RM20 billion has already been invested last year, with a similar sum anticipated this year, as GLICs allocate capital to sectors vital to Malaysia's economic growth.
Speaking at the Employees Provident Fund (EPF) International Social Wellbeing Conference 2026 in Kuala Lumpur, Amir emphasized that the investments being pursued align with the national aspirations. The New Industrial Master Plan (NIMP) is steering GLIC investments towards sectors that can bolster the domestic economy and elevate its economic complexity.
Over 92% of GLCs within GLICs have already implemented the living wage since the start of this year, showcasing that higher wages can coexist with rising productivity and the competition for talent. Amir expressed confidence that this momentum would continue, fostering healthy competition among private enterprises to attract top-tier talent.
The GLIC and GLC investment strategy is also intertwined with Malaysia's future talents needs. GLICs are backing Bakat MADANI, a program connecting university and technical and vocational education and training graduates with internship and training prospects through the GLIC and GLC network. Approximately 25,000 individuals are set to benefit from these opportunities in 2026 and 2027 as Malaysia readies its workforce for a more intricate economy.
Moreover, GLIC investments are aligned with national priorities, including addressing the aging economy. Funds have been directed towards companies providing care workers, and Kumpulan Wang Persaraan (Diperbadankan) (KWAP) has invested in retirement villages. Amir stressed that GLIC and GLC investments should mirror national priorities, targeting initiatives that align with the national agenda.
Written by urgent.news from The Vibes's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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