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25 February 2023

Statement by Dato’ Amirul Feisal Wan Zahir, Managing Director of Khazanah Nasional Berhad on Malaysia MADANI Budget 2023

The Malaysia MADANI Budget 2023 was tabled by Prime Minister and Finance Minister YAB Dato’ Seri Anwar Bin Ibrahim in Parliament today, amidst continued uncertainty and challenges across the global landscape, with persistent inflation, residual effects of the Covid-19 pandemic, and geopolitical risks weighing on economic growth prospects.

The Budget corresponds with the government’s efforts in driving Malaysia’s economy by boosting investments and attracting foreign inflows into the country, easing the burden from high cost of living, enhancing the wellbeing of the Rakyat and improving public infrastructure, in line with the ‘Malaysia MADANI’ aspiration.

Khazanah Nasional Berhad (“Khazanah”) and our investee companies are ready to deliver on the various initiatives as announced in Budget 2023 to help steer the nation towards a positive future for all Malaysians, in tandem with Khazanah’s long-term strategy of Advancing Malaysia.

As part of our Advancing Malaysia strategy, Khazanah has allocated RM6 billion to our Dana Impak, which seeks to build economic competitiveness and increase national resilience while delivering socioeconomic benefits for the rakyat. Through Dana Impak, Khazanah looks forward to playing an integral role, along with other GLICs, in funding high growth start-ups in Malaysia to spur innovation and economic growth in the country. In addition, Khazanah reaffirms our commitment for the green economy and has allocated RM150 million to spur the development of Malaysia’s nature-based carbon credit projects which aim to preserve our natural forests and biodiversity, in addition to supporting Malaysia’s net zero transition efforts.

Khazanah, as a lead investor in Iskandar Malaysia in Johor, welcomes the Government’s proposal to strengthen Iskandar’s development through a Special Financial Zone designation. This initiative will provide a competitive business environment to attract foreign direct investment and knowledge workers to Malaysia.

Together with other GLICs, Khazanah continues to give back to the community by supporting vulnerable groups and uplifting their quality of life. Following the reopening of the economy, the government has allocated a further RM30 million to boost economic activity especially in Program Perumahan Rakyat (PPR) communities under the administration of Khazanah’s impact-based foundation, Yayasan Hasanah.

In preserving Malaysia’s national heritage, Khazanah will lead the formation of the National Heritage Fund to attract private sector participation. The National Heritage Fund is a public-private partnership initiative which aims to restore and rejuvenate historic heritage buildings, including the redevelopment of the Sultan Abdul Samad Building and Carcosa Sri Negara, which will be executed in collaboration with ThinkCity, a consultancy and project delivery entity founded by Khazanah. Given the significant historical value of the heritage buildings, these preservation efforts will add vibrancy to the city of Kuala Lumpur and connect people across diverse backgrounds by instilling a sense of national pride and shared cultural values.

All in all, the Malaysia MADANI Budget 2023 will support Malaysia in becoming a stronger nation by fostering inclusivity, competitiveness and sustainability which is in line with Khazanah’s mandate to deliver sustainable economic and societal value for the nation.

END



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