GEAR-uP initiative off to strong start with RM11bil deployed: Amir Hamzah
He noted that the initiative had made a promising start in its first year, with RM11 billion already deployed into high-growth, high-value sectors.
"We started in August last year with a five-year target of RM120 billion, and already RM11 billion has been committed through capital deployment. So, I am very happy," he said during the Special Briefing: GEAR-uP 2025 Progress Report, here yesterday.
Amir Hamzah said the GEAR-uP initiative had successfully translated commitments into action, including the establishment of 18 global and regional funds and strategic investments in local venture ecosystems and talent development.
"In the long term, the GEAR-uP initiative will provide a much stronger base for Malaysia," he said.
So far, the programme has trained over 8,000 youths — more than 70 per cent of whom are from B40 communities — with an employment rate of 80 per cent achieved.
Apart from that, more than 700,000 individuals have benefited from support through government-linked investment companies (GLICs) and government-linked companies (GLCs) via community development efforts.
These include the GLC Disaster Response Network (GDRN), Sekolah Angkat Madani, Santuni Madani, and Zakat Wakalah, he said.
Amir Hamzah explained that GEAR-uP initiatives are aligned with two key themes under the Raise the Ceiling and Raise the Floor pillars of the Madani Economy framework.
Under Raise the Ceiling, efforts focus on advancing economic complexity; strengthening firms of all sizes and stages of maturity; expanding access to affordable healthcare; promoting energy transition; modernising agro-industries; improving connectivity; and supporting Warisan KL.
"Meanwhile, under the Raise the Floor theme, GLCs and GLICs will focus on empowering Bumiputera communities and businesses, upskilling and reskilling talent, ensuring fair wages, and championing the needs of the underprivileged," he said.
On the issue of fair wages, he said nine GLICs and GLCs — including Permodalan Nasional Bhd, Khazanah Nasional, Employees Provident Fund (EPF), Kumpulan Wang Persaraan (KWAP), and Lembaga Tabung Haji — have committed to implementing a minimum salary of RM3,100 per month.
"Another 25 GLICs and GLCs are expected to be announced by the end of this year," Amir Hamzah added.
As part of ongoing efforts to transform healthcare and support dignified ageing, EPF will launch a RM25 million pilot phase of the Rakan Kementerian Kesihatan Malaysia (Rakan KKM) initiative in July 2025.
The programme will be rolled out at five public hospitals under the Raise the Ceiling theme.
The Health Ministry will announce the participating hospitals, with the first hospital expected to be launched by the end of the third quarter of this year. - BERNAMA
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