The Government-linked Enterprises Activation and Reform Programme (GEAR-uP), spearheaded by the Ministry of Finance (MOF), has identified RM22 billion in domestic direct investments — equivalent to 88% of the RM25 billion pledged by the six major Government-linked Investment Companies (GLICs) driving the programme.

As of 30 June 2025, RM11 billion has already been deployed into high-growth, high-value sectors such as semiconductors and the energy transition, as well as initiatives to uplift underserved communities and develop local talent.

Less than a year into its launch, GEAR-uP has also secured commitments from 34 GLICs and Government-linked Companies (GLCs) to provide at least a minimum of a 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.

“The ingenuity of the GEAR-uP programme lies in its ability to align GLICs with a renewed mandate for nation-building. This is how we mobilise accumulated wealth to uplift communities and build high-value industrial ecosystems – for a nation can only rise with all the rakyat together,” said Prime Minister YAB Dato’ Seri Anwar Ibrahim.

Guided by the Ekonomi MADANI framework’s objectives and principles, GEAR-uP aims to unlock RM120 billion over five years to drive socioeconomic reforms and jumpstart Malaysia’s industrial transformation. The programme is anchored by six major GLICs: Khazanah Nasional Berhad (Khazanah), the Employees Provident Fund (EPF), Permodalan Nasional Berhad (PNB), Kumpulan Wang Persaraan (Diperbadankan) [KWAP], Lembaga Tabung Angkatan Tentera (LTAT), and Lembaga Tabung Haji (TH).

Since its launch in August 2024, its six core GLICs have channelled over RM800 million into Malaysia’s semiconductor ecosystem, kickstarted green industrial development across 3,000 acres in Kerian and Carey Island, and backed more than 50 Malaysian companies and funds through venture capital and private equity.

Collectively, 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.

Building long-term growth
GEAR-uP is gaining significant early momentum towards its goal of mobilising RM120 billion into the domestic economy. This progress is especially critical, serving as a strategic anchor for Malaysia amidst shifting global trade dynamics and economic uncertainty. Going forward, key initiatives over the next few years include:

• All GLICs will continue executing investments worth RM11 billion in the pipeline
• PNB is spearheading efforts to nurture 10 IPO-ready Bumiputera champions, including a potential listing of an Ekuinas portfolio company, as part of the Bumiputera Relay Race
• EPF will scale up investments in healthcare and aged care, including ambulatory centres, home-based services, and enabling technologies to enhance nationwide access, efficiency, and affordability.
• In parallel, LTAT and PNB will strengthen domestic pharmaceutical production, including biopharmaceuticals, prioritising first-to-market generics to improve supply and reduce costs. These initiatives support broader reforms under the MOF-Ministry of Health’s Joint Ministerial Committee on Private Healthcare Cost (JMCPHC), aimed at modernising care, attracting investment, and ensuring fair returns
• Khazanah will continue deepening Malaysia’s semiconductor ecosystem, focusing on advanced manufacturing and stronger collaboration between local firms and multinationals
• KWAP’s Dana Pemacu will begin deploying RM6 billion from the third quarter of 2025 (Q3 2025) across private equity, infrastructure, and real estate over the next four to five years. Its Dana Perintis Series 2 is set to launch in (Q4 2025).

“GEAR-uP isn't just about capital deployment, it’s about strategic alignment. We’re 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,” said Finance Minister II YB Senator Datuk Seri Amir Hamzah Azizan.

“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 added.

Looking ahead, GEAR-uP will expand its scope to involve over 30 GLCs under participating GLICs. These companies will be guided by ambitions to collectively achieve RM100 billion in market capitalisation, deliver 7.5% shareholder returns, and champion non-financial outcomes – including implementing living wages, growing Bumiputera enterprises, and developing talent and future leaders.

Ministry of Finance
Putrajaya
30 June 2025