GEAR-uP programme aims to link Malaysia's capital to growing businesses
Malaysia's GEAR-uP initiative seeks to create a connected investment ecosystem by mobilising RM120 billion from six government-linked investment firms between 2024 and 2028.
The GEAR-uP programme is designed to move capital alongside businesses as they expand, fostering scaling opportunities, investor participation and deeper domestic capabilities. Six government-linked investment companies have committed to inject RM120 billion of direct domestic investments from 2024 through 2028, targeting the full investment pipeline from seed funding to public listings. In 2025, RM2.6 billion was allocated via structures that attract private capital alongside government funds, highlighting efforts to crowd in private investors.
CIMB Securities reported that GLICs contributed RM20.3 billion in 2025, raising the cumulative two-year deployment to RM26.9 billion, with Khazanah Nasional Bhd providing the largest share. Initiatives such as Khazanah's RM1 billion Jelawang Capital mandate and KWAP's RM500 million Dana Perintis have channeled significant sums into startups and fund managers, supporting sector expertise in areas like semiconductors and digital economy. Finance Minister II Datuk Seri Amir Hamzah Azizan stressed that the programme's success will be measured by the attraction of additional private capital and the performance of funded companies over time.
Why it matters
Linking capital to businesses can boost Malaysia's growth, create jobs and strengthen its venture-capital ecosystem.
How the sides frame it
LOW AGREEMENTCenter coverage emphasizes the budget-driven KWAP plan to mobilise RM1.5 billion for growth-stage financing, while right-leaning coverage highlights the broader GEAR-uP programme’s RM120 billion investment pipeline and private-capital crowding.
CENTER
Centrist coverage frames the story as a budget-linked KWAP initiative to mobilise capital for strategic sectors and growth-stage financing.
RIGHT
Right-leaning coverage frames the story as a GEAR-uP programme that moves capital alongside expanding businesses, stressing large domestic investment commitments and private-investor participation.
The right emphasises
- move capital alongside businesses as they expand, fostering scaling opportunities and deeper domestic capabilities
- RM120 billion of direct domestic investments from 2024-2028, covering the full pipeline from seed funding to public listings
- efforts to crowd in private investors, with RM2.6 billion allocated via structures that attract private capital alongside government funds
In this story
