Government-linked firms to channel RM120 billion into Malaysia’s economy by 2028
Finance Minister II Amir Hamzah Azizan said GLICs and GLCs will receive an extra RM120 billion under the GEAR-uP plan to boost wages, skills and investment through 2028.
At the EPF International Social Wellbeing Conference in Kuala Lumpur, Finance Minister II Amir Hamzah Azizan outlined a RM120 billion boost for government-linked investment companies (GLICs) and government-linked companies (GLCs) under the GEAR-uP scheme for 2024-2028. He noted that over RM20 billion was deployed in the previous year and a similar sum is projected for one outlet year, aligning with the New Industrial Master Plan’s priorities.
The financing aims to raise the wage floor through living-wage commitments—already adopted by more than 92 % of GLCs—and to elevate the economic ceiling by attracting sophisticated domestic and foreign investment. Programs like Bakat Madani will provide 25,000 internships and training slots over the next two years to build a more skilled talent pool. Additional capital will flow into sectors addressing an ageing population, including care-service firms and retirement-village projects led by KWAP. The overall strategy seeks to improve productivity, competitiveness and job quality across Malaysia’s economy.
Why it matters
The funding signals a major push to raise wages, upskill workers and attract higher-value investment in Malaysia’s economy.
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