KUALA LUMPUR – Budget 2024 strikes the right balance to bolster Malaysia’s resilience amidst global headwinds, while advancing economic transformation and improving socioeconomic outcomes for all.
Khazanah Nasional Bhd managing director Datuk Amirul Feisal Wan Zahir said this is aligned with Khazanah’s purpose to deliver sustainable value for the nation, supporting Malaysia’s journey towards becoming a prosperous, equitable and sustainable society.
“Khazanah and our investee companies are fully committed to supporting the implementation of Budget 2024 and the Madani Economy vision, in line with our strategy of Advancing Malaysia.
“Guided by this framework, we will continue undertaking strategic investments, developing human capital, supporting startups and small and medium enterprises (SMEs), driving sustainability and executing impactful corporate social responsibility programmes,” he said in a statement.
Amirul Feisal said by mobilising its resources and synergising efforts across the government-linked investment companies (GLICs)/government-linked companies (GLCs) ecosystem, Khazanah seeks to advance an equitable, sustainable and value-creating growth trajectory for the nation.
As announced in Budget 2024, Khazanah has been tasked to spearhead the strengthening of the local venture capital (VC) ecosystem in collaboration with VC agencies such as Penjana Kapital and Malaysia Venture Capital Management Bhd (Mavcap).
“Centralising government resources in this space would allow for better coordination as we aim to nurture and grow Malaysian startups to enhance their regional competitiveness.
“In addition, to raise the ceiling, Khazanah along with other GLICs and GLCs will allocate RM1.5 billion in funding for startups including Bumiputera SMEs in high-growth, high-value (HGHV) industries, such as the digital economy, aerospace technology and electrical and electronics (E&E) industries,” he said.
Furthermore, he said Khazanah remained committed to fostering sustainable growth in line with the government’s sustainability and energy transition agenda.
“Under our wholly-owned subsidiary UEM Group Bhd, Khazanah has launched a green investment platform, UEM Lestra Bhd, to invest in and build domestic champions in green sectors such as renewable energy and storage, green building technology and energy efficiency and e-mobility ecosystem,” he said.
Khazanah’s Dana Impak initiative, a fundamental pillar under the Advancing Malaysia strategy, is investing in areas that aim to enhance Malaysia’s economic competitiveness, strengthen national resilience and deliver socio-economic benefits to the rakyat.
“In 2024, Dana Impak will allocate RM600 million to spur economic growth and create opportunities for rural, suburban and underserved communities, in line with the government’s vision of more balanced regional development, thereby raising both the floor and ceiling for Malaysians nationwide,” he added.
Additionally, ahead of Visit Malaysia Year 2026, Think City, an entity founded by Khazanah, will continue working to conserve and improve Kuala Lumpur as a vibrant liveable space that is rich in culture and heritage for future generations to enjoy and for Malaysia to become a global tourist destination of choice. – October 14, 2023