Govt Aligns Investment Direction Of GLICs, Public Funds Through GEAR-uP, MOF Inc

KUALA LUMPUR, July 22 (Bernama) -- 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 said this alignment is carried out without undermining each institution’s investment mandate, governance, and fiduciary responsibilities.

“The full progress of this programme will be reported comprehensively and transparently in the GEAR-uP progress report, which will be published soon.

“The government’s objective is to ensure that the nation’s institutional capital delivers lasting capabilities: sustainable industries, competitive companies, and more secure livelihoods for the people,” he told the Senate during today’s question-and-answer session.

Liew was responding to Senator Datuk Rosni Sohar’s question 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 said the government hopes the GEAR-uP programme, together with the New Industrial Masterplan 2030 (NIMP 2030) and the National Semiconductor Strategy (NSS), will develop a more sustainable and dynamic industry in the long term.

He said the government intends 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 they may not be the most advanced, we want to become an indispensable middle player in the global supply chain by holding choke points and developing our own industries and technologies. In doing so, we can strengthen the entire ecosystem, including supporting local SMEs,” he said.

-- BERNAMA