Latest news with #GEARuP
Malay Mail
30-06-2025
- Business
- Malay Mail
Amir Hamzah: RM11b deployed under GEAR-uP to power Malaysia's high-growth sectors, aims to boost living wages for 153,000 workers
PUTRAJAYA, June 30 — 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. In a special briefing on the GEAR-uP 2025 Progress Report, Finance Minister II Datuk Seri Amir Hamzah Azizan said the amount forms part of the RM22 billion in domestic direct investments identified, representing 88 per cent of the RM25 billion pledged by six major government-linked investment companies (GLICs). He said the funds are being channelled into high-growth, high-value sectors such as semiconductors, the energy transition, community upliftment, and talent development. 'The programme has also secured commitments from 34 GLICs and government-linked companies (GLCs) to provide at least a minimum monthly living wage of RM3,100 to 153,000 employees — delivering on its promise to raise the rakyat's quality of life and lead the national agenda for wage reform. 'Guided by the objectives and principles of the Ekonomi Madani framework, GEAR-uP aims to unlock RM120 billion over five years to drive socioeconomic reforms and jumpstart Malaysia's industrial transformation,' he added. The six GLICs anchoring the programme are 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 launch in August 2024, the six core GLICs have channelled over RM800 million into Malaysia's semiconductor ecosystem, kickstarted green industrial development across 3,000 acres (1,214 hectares) in Kerian and Carey Island, and backed more than 50 Malaysian companies and funds through venture capital and private equity. Amir Hamzah said the GLICs and their network of GLCs have also awarded RM200 million in scholarships, supported 8,000 B40 youths through job placement programmes, and rolled out community investments benefiting over 700,000 Malaysians nationwide. 'GEAR-uP is not just about capital deployment — it is about strategic alignment. We are unlocking RM120 billion to advance future industries while lifting incomes, building capabilities, and delivering on shared prosperity. This is how we translate economic reform into tangible results. 'This goes beyond strengthening economic fundamentals. GEAR-uP is about uplifting the rakyat's standard of living and nurturing regional champions in cutting-edge industries, so that Malaysia can rise to new heights,' he said. Looking ahead, Amir Hamzah said GEAR-uP will expand its scope to involve over 30 GLCs under participating GLICs. Through this expansion, it targets to achieve RM100 billion in market capitalisation, deliver 7.5 per cent shareholder returns, and champion non-financial outcomes — including the implementation of living wages, growing Bumiputera enterprises, and developing talent and future leaders. — Bernama
Free Malaysia Today
11-06-2025
- Business
- Free Malaysia Today
Bouquets and brickbats for financial irregularities task force
Edmund Terence Gomez (left) believes it can help to curb corruption in government-linked companies (GLCs), but social activist Johan Ariffin Samad (right)sees it as just another layer of bureaucracy. PETALING JAYA : The decision to set up a special task force to address financial irregularities in the government has drawn both praise and criticism. Anti-corruption advocate Edmund Terence Gomez believes it can help to curb corruption in government-linked companies (GLCs), but social activist Johan Ariffin Samad sees it as just another layer of bureaucracy in an already-established system of rules and regulations. Gomez, a professor emeritus at Universiti Malaya, noted that some GLCs had previously been embroiled in financial scandals. 'The task force will have a major role to play if it is to undertake an in-depth review of such irregularities,' he told FMT. 'This is because some institutions within the GLC ecosystem, which includes government-linked investment companies (GLICs), statutory bodies as well as listed and unlisted companies, have also been implicated in financial scandals,' he said. For a start, he said, the task force could oversee initiatives such as GEAR-uP, the plan that will see six GLICs invest RM120 billion in 'high growth, high value' industries over five years to stimulate domestic economic growth. 'Given how GLIC funds have allegedly been abused, it is worrying that such a huge sum of public funds will be placed in these institutions for domestic investment,' he added. On June 3, Prime Minister Anwar Ibrahim announced that the government would be setting up a special task force to address financial irregularities, saying that this was part of efforts to strengthen the role of the National Audit Department. The initiative will be realised through an amendment to the Audit Act 1957. Anwar said the new task force would ensure that follow-up actions are more holistic, targeted and have high impact. This, he said, was in keeping with the principles of accountability, transparency, and integrity. Last month, auditor-general Wan Suraya Wan Radzi said the amendments to the Audit Act, which came into force last year, empower the department to conduct audits on 1,856 GLCs. She was quoted as saying the amendment expands the department's scope, thereby strengthening the government's oversight of governance and financial management within GLCs. The opposing view Johan, a member of the G25 group of prominent former civil servants, argued that a system to deal with financial irregularities is already in place. 'You already have the audit department, and you have the Malaysian Anti-Corruption Commission (MACC). Where does this task force fit in? 'Basically, the auditor exposes the weakness in the system, and MACC is supposed to catch the culprits who broke the system or stole something from the system,' he told FMT. 'To me, it's just a waste of time. You're just creating another (layer to the) bureaucratic system,' he added. Johan, who is commonly known as Joe Samad, said the Audit-General's Reports, which are published three times a year, should be tabled for debate in Parliament. 'Then it is the task of the Public Accounts Committee to ensure that (any irregularity) is dealt with,' he added.
