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27 July 2023

Khazanah Stands Ready to Support “Ekonomi MADANI: Memperkasa Rakyat”

Khazanah welcomes the comprehensive economic vision by our Chairman, Prime Minister YAB Dato’ Seri Anwar Ibrahim which was unveiled today. As Malaysia’s Sovereign Wealth Fund, we are excited to embrace the Prime Minister’s Ekonomi Madani: Memperkasa Rakyat.

The “Ekonomi Madani” vision offers a positive and promising outlook for our nation’s future especially in these times of global uncertainty, with challenges like inflation, climate change, and geopolitical risks impacting economic development. At Khazanah, our Advancing Malaysia strategy is strongly aligned with the Prime Minister’s vision centered on “Raising the Floor” to elevate the quality of life for all Malaysians, and “Raising the Ceiling” to transform the economy and enhance national competitiveness.

Khazanah has already taken significant steps to support economic competitiveness and national resilience through a variety of initiatives. For instance, we have allocated RM6 billion over five years to our Dana Impak initiative, which has launched programmes such as the Future Malaysia Programme (FMP) that aims to support the local start-up ecosystem, and the Future Malaysia Skills (FMS) that focuses on developing a sustainable talent pipeline by investing in upskilling and reskilling the country’s workforce. We are also pleased that the Prime Minister mentioned PolicyStreet, which is a company in which we invested under Dana Impak that seeks to provide insurance solutions for the underserved.

Additionally, a few days ago on 25th July 2023, Khazanah took another step forward by launching the Khazanah Impact Innovation Challenge (“KIIC”) 2023 focused on “Tackling the Climate Challenge for Malaysia’s Food Security,” which aligns with the critical issues addressed by the Prime Minister. This initiative encourages Malaysian businesses to develop innovative solutions to enhance food security in the country.

Khazanah also wholeheartedly supports the Prime Minister’s view of taking a more regional perspective on Malaysia’s economy. As such, we will continue to focus on strengthening our investment portfolio companies and expanding their global presence by participating as an active corporate player. We seek to generate sustainable growth within investee companies to ensure globally competitive firms. A key initiative for Khazanah in particular, is spearheading a nation-building endeavor in partnership with UEM Group through a new green investment platform, driving Malaysia’s decarbonisation agenda and fostering a greener economy. This platform also aims to unlock value in Khazanah’s existing portfolio, achieving commercial returns through new investments and collaborations with high-potential local and international companies.

Khazanah’s commitment extends beyond financial gains. Together with our affiliated entities, Yayasan Hasanah, Khazanah Research Institute and Think City, we are excited to support the creation of greater socioeconomic impact for the rakyat. Among the initiatives mentioned in the Ekonomi Madani: Memperkasa Rakyat announcement includes the restoration and rejuvenation of historic heritage buildings such as the iconic Sultan Abdul Samad building, which we are spearheading in close collaboration with Think City. Moreover, we are proud partners with Yayasan Hasanah, our corporate responsibility foundation, to address pressing community, social, and environmental issues in Malaysia. On the research front, Khazanah Research Institute (KRI) will continue to work on economic development research and policy recommendations for the country.

Khazanah remains confident about the future prospects of Malaysia and we remain steadfast in contributing to Malaysia’s development journey. As we move forward and to echo the Prime Minister’s calling, we invite all stakeholders – public, private, philanthropists and, most importantly, the people – to join us in realising the “Ekonomi Madani” vision. Together, we can pave the way for a sustainable, vibrant, and economically resilient future that benefits Malaysia and all her rakyat.

 

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