Prime Minister Tan Sri Muhyiddin Yassin said yesterday that the SWFs will prioritise long-term capital investing in a more strategic and targeted way into new growth areas.
PETALING JAYA: The country’s sovereign wealth funds will undergo a “re-balancing of focus” between financial returns and socio-economic deliverables.
At the same time, Muhyiddin said the institutional investors will also play a synergistic role in contributing to national development. > Crowd-in the private sector while streamlining the role of the government and its agencies in business;> Strengthen social safeguards and fiscal resilience.“Perkukuh will also look at optimising the operations of the relevant SWFs and institutional investors where the management of certain asset classes will be pooled to achieve economies of scale and improved returns.
“To ensure alignment of these areas with key policy measures like MyDigital, the upcoming 12th Malaysia Plan and Shared Prosperity Vision 2030, a New Growth Coordination Council chaired by me, will be established,” stated Muhyiddin. “To crowd-in private investments, Perkukuh will also streamline the relationship between the government and businesses, through among others, the review of golden shares, the re-definition of previous strategic sectors, and determining new areas of national interest,” Muhyiddin said.
Key performance indicators of Perkukuh will be clearly defined and closely tracked by the Finance Ministry to ensure that sub-programmes remain on track. “Hence, GLICs and GLCs would need to ensure that the financial and non-financial dispositions of their portfolio serve not only their bottom lines, but also the creation of value for the wider population,” he said.
The SWF will increase its development investing over the next five years through the Dana Impak initiative, which will be funded through profits and capital returned from its commercial investments.
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