PM: GLICs, GLCs must support national aspirations to empower SMEs

GOVERNMENT-linked investment companies (GLICs) and government-linked companies (GLCs) should mobilise efforts to support the country’s aspirations as a world-class Islamic economic hub and investment destination, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar, who is also the Finance Minister, said GLICs and GLCs should also increase investments in the digital and renewable energy sectors, as well as encourage the micro, small and medium enterprise (MSME) sector to expand their market to regional countries as outlined in national aspirations.

“Yesterday (Dec 21) I chaired a meeting with the CEOs of GLICs. This discussion is a prelude to the reform of GLICs and GLCs so that they are more focused on the development and well-being of the people as outlined in the framework of Madani Economy: Empowering the People.

“I welcome the recommendations of the GLIC CEOs to improve the well-being of the people and the progress of the local economy,” he said in a post on Facebook today.

Among the suggestions that have been made are making better use of expenses from corporate zakat collection, establishing collaboration with the private sector to develop student accommodation and mobilising more funds for investment in unlisted companies in the small and medium enterprise (SME) sector, according to him.

Anwar added that he also mandated GLICs to increase their respective domestic direct investments as GLICs have a responsibility to work together with the government in driving economic growth and expanding the income of the people.

He noted that with the total size of assets under management worth RM1.84 trillion – which is almost equal to the size of Malaysia’s nominal gross domestic product (GDP) this year – GLICs are capable of moving and accelerating Malaysia’s economy.

“To ensure that these missions are achieved, the government will continue to hold regular meetings chaired by me or Finance Minister II Amir Hamzah Azizan to monitor the achievements and progress of initiatives led by GLICs.

“God willing, with this approach, Malaysia will move faster towards sustainable and equitable progress.” – Dec 22, 2023

Main photo credit: TMR

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