Government-linked investment companies (GLICs) deployed RM20.3 billion in domestic investment under the GEAR-uP programme in 2025, marking a threefold increase from RM6.6 billion in 2024 [1, 2, 3]. The six GLICs involved are Employees Provident Fund (EPF), Permodalan Nasional Berhad (PNB), Kumpulan Wang Persaraan (KWAP), Khazanah Nasional, Lembaga Tabung Haji, and Lembaga Tabung Angkatan Tentera [1, 2, 3]. Khazanah Nasional led the contributions with RM7.9 billion, followed by EPF at RM5.8 billion, KWAP at RM5.4 billion, and PNB contributing RM1.3 billion [1, 3].
Total domestic direct investment under GEAR-uP reached RM26.9 billion over 2024 and 2025 combined [1]. The programme targets unlocking RM120 billion in investments over five years, with RM93.1 billion remaining to be deployed as of 2025 [1, 2, 3]. Thirty-seven government-linked companies (GLCs) have joined the initiative [1, 3]. In 2025, these GLCs achieved an 8% total shareholder return, exceeding their 7.5% target [1]. The companies are on track to add RM100 billion in market capitalisation by 2028 [1, 2].
Investment priorities in 2025 included advanced technology and semiconductors with RM3.2 billion allocated, mid-tier scale-ups receiving RM1.8 billion, Bumiputera enterprise empowerment RM1.3 billion, venture and start-ups RM588 million, and energy transition RM270 million [1]. The investments supported over 60 high-growth companies during the year [1, 3].
One notable project supported is the KWAP-backed Google Selangor data centre, expected to add 320 MW of capacity and generate 26,500 jobs between 2026 and 2027 [2]. Finance Minister II Datuk Seri Amir Hamzah Azizan said, "GEAR-uP functions to transform capital into capability. This means building businesses, creating good jobs and paying fair wages to Malaysians. We do not measure success through ringgit alone. We measure it through higher wages, graduates securing good employment, businesses that grow and supply chains that are firmly established in Malaysia." [3]
Prime Minister Datuk Seri Anwar Ibrahim commented, "This (GEAR-uP) is not capital seeking passive returns. It is national wealth mobilised with national purpose. We are only entering the third year of this journey. Much has been achieved, but much remains to be done." [2] He added, "The work continues, and the rakyat remains our measure of success. If we stay the course, Insya-Allah, Malaysia can build a future worthy of its people." [2]
The GLICs plan to continue ramping up investments to meet the five-year target, with focus on creating better jobs and stronger businesses for Malaysians [1, 3].
