Kuala lumpur: A total of RM11 billion has been deployed under the Government-linked Enterprises Activation and Reform Programme (GEAR-uP) as of June 30, 2025, less than a year since the initiative spearheaded by the Ministry of Finance (MOF) was launched.
According to BERNAMA News Agency, Finance Minister II Datuk Seri Amir Hamzah Azizan stated that this amount is part of the RM22 billion in domestic direct investments identified, representing 88 percent of the RM25 billion pledged by six major government-linked investment companies (GLICs). The funds are being directed towards sectors such as semiconductors, the energy transition, community upliftment, and talent development.
Amir Hamzah announced that the programme has secured commitments from 34 GLICs and government-linked companies (GLCs) to provide a minimum monthly living wage of RM3,100 to 153,000 employees. This initiative aims to enhance the quality of life and support the national agenda for wage reform. GEAR-uP, guided by the Ekonomi MADANI framework, seeks to unlock RM120 billion over five years to drive socioeconomic reforms and initiate Malaysia’s industrial transformation.
The six GLICs anchoring the programme include Khazanah Nasional Bhd, the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), the Retirement Fund (Incorporated) (KWAP), Lembaga Tabung Angkatan Tentera (LTAT), and Lembaga Tabung Haji. Since its inception in August 2024, these core GLICs have invested over RM800 million in Malaysia’s semiconductor ecosystem, initiated green industrial development across 3,000 acres in Kerian and Carey Island, and supported more than 50 Malaysian companies through venture capital and private equity.
Amir Hamzah highlighted that the GLICs and their network of GLCs have awarded RM200 million in scholarships, supported 8,000 B40 youths through job placement programs, and rolled out community investments benefiting over 700,000 Malaysians nationwide. He emphasized that GEAR-uP is about strategic alignment and translating economic reform into tangible results, ultimately aiming to uplift the standard of living and develop regional champions in advanced industries.
Looking forward, Amir Hamzah mentioned that GEAR-uP will expand its scope to involve over 30 GLCs under participating GLICs. This expansion targets achieving RM100 billion in market capitalisation, delivering 7.5 percent shareholder returns, and promoting non-financial outcomes such as implementing living wages, growing Bumiputera enterprises, and developing talent and future leaders.