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
