He said under this initiative, Khazanah Nasional would provide an initial RM1 billion allocation to invest in innovative high-growth Malaysian companies.
The national “fund-of-funds” was one of many initiatives announced by the prime minister at the KL20 Summit 2024, intended to drive national productivity by going up the value chain.
“KL20 is framed with this mindset: we are ushering major reforms to welcome high-quality and high-value investments from around the world while focusing on uplifting local entrepreneurs to go global and seize the moment.
“We recognise the growing importance of start-ups in driving technological advancements, and KL20 is the ideal launchpad for your innovative ideas,” he said in his keynote address.
Anwar also said that Khazanah Nasional, Retirement Fund (Incorporated), and Blue Chip Venture Capital were set to invest up to RM3 billion in the Southeast Asian and Malaysian ecosystem under the Asean Investment initiative.
Twelve international venture capital firms “with assets under management sizes above billions and illustrious track records” will be setting up offices in Kuala Lumpur. This would help set up and nurture Malaysian start-ups to become globally successful, he said.
“High-tech companies are also expected to set up their operations, research and development facilities and regional headquarters to serve the Asian and South Asian market.
“Cities in Asia will collaborate as innovation twin cities in areas such as accelerated business set-ups, regulatory harmonisation as well as increased connectivity and mobility,” he said.
He also said that in the semiconductor industry, Malaysia’s hold on the backend had made it conducive to pursue high-value fronted work, especially in the integrated circuit (IC) design category.
“That is why today, I am pleased to announce the largest IC Design Park in Southeast Asia that will house world-class anchor tenants and collaborate with global companies such as Arm.
“This is done with the backing of the Selangor Information Technology and Digital Economy Corporation with the Selangor government, and is proof that momentum is already being built on the ground.”
Anwar added that to make Malaysia a true gateway to major economies, city-to-city connection between Kuala Lumpur and Hangzhou, China, would no longer be a barrier to success.
“We are positioning Malaysia as an axis for leaders in semiconductors, clean energy, agritech, and Islamic fintech. Doubling down on our edge will tap the higher value effort necessary to create new growth verticals and transform our fortunes,” Anwar said.