The Malaysian sovereign fund Khazanah Nasional announced on Monday that it intends to give Malaysian startups an extra MYR 600 million ($128 million) in funding by 2024.
Dana Impak hopes to commit an extra MYR 600 million for Malaysian companies through a combination of new and current initiatives and programs, according to a statement released by Khazanah.
With the dual goals of fostering local and regional champions and spurring new economic growth for the country, it stated that the financial investment aims to support businesses of all sizes and stages of growth, from startups to micro, small, and medium-sized enterprises (MSMEs) to medium-sized businesses.
Khazanah’s Dana Impak initiative seeks to strengthen ecosystems, engage with stakeholders, and shape policy in support of resilience and long-term economic growth.
Dana Impak has identified projects valued at over MYR 800 million ($171 million) spanning six major themes. New programs have been introduced to support Malaysia’s startup and digital ecosystem through financial investments and the development of human capital.
Khazanah is committed to investing in catalytic sectors, as evidenced by initiatives like the Future Malaysia Program, Future Malaysia Skills, MSME Digitalization, and Khazanah Impact Innovation Challenge 2023.
Reiterating Dana Impak as a fundamental component of the Advancing Malaysia strategy, these endeavors seek to augment Malaysia’s economic competitiveness and socio-economic advantages.
Khazanah, along with other GLCs and GLICs, is dedicated to aiding the government in its endeavors to empower and reform the agenda for the economic development of the Bumiputera community.
By supporting Tenaga Nasional Berhad (TNB) in executing the National Energy Transition Roadmap (NETR) and UEM Lestra Bhd in green energy projects, Khazanah also intends to support Malaysia’s goal of net zero emissions by 2050 in 2024. This will ensure a fair and sustainable energy transition.
It said that UEM Lestra and other UEM Group companies will carry out this initiative by creating and investing in homegrown leaders in a range of environmentally friendly industries, including energy efficiency, green buildings, and renewable energy and storage.
The government’s goal of reaching net-zero emissions by 2050, as stated in the NETR, is something that Khazanah sees as being supported by the 2023 launch of the green investment platform, UEM Lestra, under the wholly owned subsidiary of Khazanah, UEM Group Berhad.
To increase productivity and competitiveness in the global market, the company also aims to spearhead the digital transformation of all the companies in its portfolio.
