Kuala lumpur: The government is aligning the investment direction of government-linked investment companies (GLICs) and public funds through a clear national development policy, the Government-linked Enterprises Activation and Reform Programme (GEAR-uP) mechanism, and the strategic role of the Minister of Finance Incorporated (MOF Inc). Deputy Minister of Finance Liew Chin Tong stated that this alignment is carried out without compromising each institution's investment mandate, governance, and fiduciary responsibilities.
According to BERNAMA News Agency, the full progress of this programme will be reported comprehensively and transparently in the GEAR-uP progress report, which is set to be published soon. The government's objective is to ensure that the nation's institutional capital delivers lasting capabilities such as sustainable industries, competitive companies, and more secure livelihoods for the people, Liew told the Senate during today's question-and-answer session.
Liew was responding to Senator Datuk Rosni Sohar's inquiry regarding the government's policy and mechanisms for aligning the investment direction of GLICs and public funds with national development priorities. In response to Rosni's supplementary question about mechanisms to ensure GLIC investments also benefit micro, small, and medium enterprises (MSMEs), Liew mentioned that the government hopes the GEAR-uP programme, alongside the New Industrial Masterplan 2030 (NIMP 2030) and the National Semiconductor Strategy (NSS), will foster a more sustainable and dynamic industry in the long term.
He further elaborated that the government plans to leverage investments from GLICs and government-linked companies (GLCs), while also attracting participation from funds and local and foreign investors (crowding in), to enable Malaysia to develop its own technologies. Although these technologies may not be the most advanced, the goal is to become an indispensable middle player in the global supply chain by holding choke points and developing local industries and technologies, thereby strengthening the entire ecosystem, including supporting local SMEs.