PUTRAJAYA (Aug 7): Government-linked investment companies (GLICs) deployed RM20.3 billion in domestic investment under the Government-linked Enterprises Activation and Reform Programme (GEAR-uP) in 2025.
The figure is a threefold increase from the RM6.6 billion domestic direct investment (DDI) deployed in 2024, Finance Minister II Datuk Seri Amir Hamzah Azizan noted.
The six GLICs under GEAR-uP are the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), Retirement Fund (Inc) (KWAP), Khazanah Nasional Bhd, Pilgrims Fund Board (LTH) and Armed Forces Fund Board (LTAT).
Khazanah Nasional contributed the largest share at RM7.9 billion, followed by the EPF with RM5.8 billion, KWAP with RM5.4 billion and PNB with RM1.3 billion.
According to the report, more than 60 high-growth companies were supported in 2025.
Key focus areas by capital in 2025 comprised advanced tech and semiconductors with RM3.2 billion, mid-tier scale-ups (RM1.8 billion), Bumiputera enterprise empowerment (RM1.3 billion), venture and start-up ecosystem (RM588 million) and energy transition RM270 million).
“We were quite successful last year with a three-time step-up…, for this year, we’ll continue to try and push the line,” Amir Hamzah said during a briefing on the release of GEAR-uP’s 2025 progress report.
Tallied up, total domestic direct investment (DDI) under GEAR-uP reached RM26.9 billion over the past two years. With a RM120 billion investment commitment, RM93.1 billion remains to be invested over the programme's remaining three years.
The capital will keep flowing into semiconductors, digital infrastructure, healthcare and the energy transition, the report noted.
Alongside the DDI investments, the GLICs are maintaining RM440 billion in steady-state public-market investments.
The report noted that all 37 government-linked companies (GLCs) under the GLICs are now part of GEAR-uP.
It added the 37 GLCs achieved a total shareholder return of 8% in 2025, ahead of the target of 7.5%, and is on course for RM100 billion additional market capitalisation by 2028.