Latest news with #Government-linkedEnterprisesActivationandReformProgramme
New Straits Times
a day ago
- Business
- New Straits Times
GEAR-uP initiative off to strong start with RM11bil deployed: Amir Hamzah
PUTRAJAYA: Finance Minister II Datuk Seri Amir Hamzah Azizan has expressed satisfaction with the progress of the Government-linked Enterprises Activation and Reform Programme (GEAR-uP). 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
Barnama
a day ago
- Business
- Barnama
Amir Hamzah Lauds Gear-Up's Progress
BUSINESS PUTRAJAYA, June 30 (Bernama) -- Finance Minister II Datuk Seri Amir Hamzah Azizan has expressed satisfaction with the progress of the Government-linked Enterprises Activation and Reform Programme (GEAR-uP). 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 today. 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
The Star
a day ago
- Business
- The Star
MOF: RM11bil deployed under GEAR-uP to drive high-growth sectors
Finance Minister II Datuk Seri Amir Hamzah Azizan - NORAFIFI EHSAN / The Star PUTRAJAYA: 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
The Sun
a day ago
- Business
- The Sun
RM11 billion deployed under GEAR-uP to boost high-growth sectors in Malaysia
PUTRAJAYA: The Government-linked Enterprises Activation and Reform Programme (GEAR-uP) has deployed RM11 billion as of June 30, 2025, marking significant progress since its launch in August 2024. The Ministry of Finance (MOF) initiative aims to drive socioeconomic reforms and industrial transformation in Malaysia. Finance Minister II Datuk Seri Amir Hamzah Azizan revealed that the RM11 billion forms part of RM22 billion in domestic direct investments identified, achieving 88 per cent of the RM25 billion pledged by six major government-linked investment companies (GLICs). The funds are directed towards high-growth sectors such as semiconductors, energy transition, community upliftment, and talent development. '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,' said Amir Hamzah. This move aligns with GEAR-uP's goal of improving living standards and leading wage reform under the Ekonomi MADANI framework. The six core GLICs involved 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, they have invested over RM800 million in Malaysia's semiconductor ecosystem and initiated green industrial projects across 3,000 acres in Kerian and Carey Island. Additionally, more than 50 Malaysian companies and funds have received backing through venture capital and private equity. The programme has also awarded RM200 million in scholarships, supported 8,000 B40 youths in job placements, and benefited over 700,000 Malaysians through community investments. 'GEAR-uP is not just about capital deployment — it is about strategic alignment,' Amir Hamzah emphasised. The initiative targets RM120 billion over five years to advance future industries while enhancing incomes and capabilities nationwide. Looking ahead, GEAR-uP will expand to involve over 30 GLCs under participating GLICs, aiming for RM100 billion in market capitalisation, 7.5 per cent shareholder returns, and non-financial outcomes like living wages and Bumiputera enterprise growth.
Barnama
a day ago
- Business
- Barnama
RM11 Bln Deployed Under Gear-Up To Drive High-Growth Sectors
BUSINESS PUTRAJAYA, June 30 (Bernama) -- 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.
