KUALA LUMPUR: Khazanah Nasional Bhd will launch a Malaysian-focused fund with an initial allocation of RM1 billion, dubbed the "National Fund-of-Funds."
Prime Minister Datuk Seri Anwar Ibrahim said the initiative would see investments in innovative, high-growth local companies.
"The government aims to centralise investment agencies such as Malaysia Venture Capital Management Bhd (Mavcap) and Penjana Kapital under Khazanah.
"The investment including sovereign wealth funds, as Khazanah Nasional Bhd, the Retirement Fund Inc. (KWAP), and Blue Chip Venture Capital will invest up to RM3 billion in Southeast Asian and Malaysian ecosystem under the Asean Investment Initiative," he said during the launch of the KL20 Summit 2024 (KL20) today.
Anwar, who is also the finance minister and Khazanah chairman, said a total of 25 entities will give a real chance for Malaysia to create cutting edge technology ventures.
On KL20, he said, it fit strategically into the central governing economic philosophy of this government, under the Madani Economic Framework, underscored by the principle that economic growth and distribution are compatible, and that government correction must be in harmony with market forces.
"KL20 does not simply represent a single-event summit, but marks a clear break from the past, a comprehensive effort to catalyse the technology ecosystem."