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.
