PUTRAJAYA – Prime Minister Datuk Seri Anwar Ibrahim has urged government-linked investment companies (GLICs) and government-linked companies (GLCs) to reduce their investments abroad and instead increase their domestic investments.
Speaking at the Finance Ministry’s monthly assembly today, Anwar, who is also the finance minister, said that the government is prepared to grant flexibility to GLCs and GLICs for foreign investments, provided that there is a need.
“I’ve told them to focus more on reducing foreign investments. If the excuse given is (investing domestically is) not attractive, why are we actively encouraging campaigns to attract foreign investors to Malaysia?” he asked.
Anwar has also tasked the Finance Ministry and Pantau Madani with coordinating efforts to ensure that GLICs and GLCs align with strategic investments as outlined in the New Industrial Master Plan and the National Energy Transition Roadmap.
“I have also asked GLIC and GLC to cooperate in engaging directly with the government to ensure the implementation of their programmes is in accordance with the policies it has established.
“Energy transition and digital transformation, for example, are imperative for our nation, and demand fast adaptation.
“Given the rapid pace required by digital transformation, any delay in adjusting our education system and governance may lead to falling behind,” he said.
Anwar also said that in pursuit of profit, both GLICs and GLCs must also shoulder greater corporate responsibility in fostering the country’s development, including improving the well-being of their employees.
“I still remember the initial report when we privatised Tenaga (Tenaga Nasional Bhd) and Telekom (Telekom Malaysia Bhd). I said that when they were privatised, they recorded huge profits, and the finance minister should say thank you.
“So while I say thank you, I must point out the persisting issues faced by their employees and their families, such as the hardcore poor. Is it solely a ministry problem? It is definitely the company’s problem (as well).
“If there are 15,000 workers and 5,000 are without homes, is it not possible to plan for the building of staff accommodation?
“I don’t think it is right that companies make profits by talking about commercialisation and then pass on the burden of this low-income group to the ministry and government to deal with,” he said.
Therefore, Anwar said that he wants GLICs and GLCs to submit reports to the government within a month on their plans for investment, Bumiputera, staff accommodation, and education, including enhancing the quality of education.
At the event, Anwar also expressed his appreciation to the Inland Revenue Board (IRB) and the Customs Department for surpassing the collection targets set for last year.
IRB successfully collected RM183 billion last year, marking an increase from RM175 billion in 2022, while the Customs Department generated RM55 billion in revenue, surpassing the RM53 billion collected the previous year. – January 9, 2024