GLICS, GLCS to catalyse domestic economy with RM120bil investments: Amir Hamzah

KUALA LUMPUR: Government-linked investment companies (GLICs) and government-linked companies (GLCs) are ramping up their efforts to bolster the domestic economy through a RM120 billion injection under the GEAR-uP initiative from 2024 to 2028. Finance Minister II Datuk Seri Amir Hamzah Azizan announced that over RM20 billion was invested last year, with a similar allocation expected this year, indicating that the goal is now becoming a reality.

The investments they are targeting align with national aspirations, according to Hamzah, who spoke to reporters at the Employees Provident Fund (EPF) International Social Wellbeing Conference (ISWC) 2026.

Hamzah highlighted the New Industrial Master Plan (NIMP) as a crucial guide for GLIC investments in sectors essential to advancing the nation's economy. He emphasized that GLICs and GLCs are also contributing to raising the floor by improving wages and lifting the ceiling by enhancing economic complexity, attracting higher-quality foreign and domestic investments, and creating better job opportunities.

An impressive 92% of GLCs under GLICs have already adopted the living wage since the start of the year, setting a new standard for the private sector and demonstrating that businesses can afford to pay workers more as productivity improves in the country.

Hamzah believes this move will encourage competition within the private sector, compelling other companies to raise wages as productivity rises. Additionally, GLCs are supporting government programs like Bakat Madani, connecting university and technical and vocational education and training graduates with internship and training opportunities via the GLIC and GLC network. This year, 25,000 individuals will benefit from such opportunities, helping to prepare Malaysia's talent pool as the economy becomes more complex.

Furthermore, GLIC investments are being directed towards national priorities, including addressing the challenges of an ageing economy through investments in companies that provide care workers. KWAP has also made investments related to retirement villages. GLICs and GLCs aim to align their investments with the national agenda, ensuring their efforts are relevant and impactful.