The government says GEAR-uP remains on track despite concerns over fund deployment and past investment losses, with professionals overseeing decisions.
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has defended the government’s RM120 billion domestic investment programme involving government-linked investment companies (GLICs), saying it remains on schedule despite concerns over the pace of fund deployment and past investment losses.
Anwar said investments under the GEAR-uP programme were expected to accelerate towards the end of this year and throughout 2027, following an initial period of planning, research and due diligence.
“From the latest developments and reports, it appears to be still on schedule,” he told the Dewan Rakyat during Prime Minister’s Question Time (PMQT) today.
He was responding to Muar MP Syed Saddiq Abdul Rahman, who questioned why only RM26 billion had reportedly been deployed against the RM120 billion target for 2024 to 2028, arguing that the programme was already falling behind schedule.
Syed Saddiq also cited Permodalan Nasional Bhd’s (PNB) RM2.68 billion investment in Sapura as an example of the risks associated with using public funds to support struggling corporations.
Anwar acknowledged that past investment failures had prompted GLICs to adopt a more cautious approach, with greater emphasis on planning, research and due diligence before committing funds.
He also defended Retirement Fund Inc (KWAP), saying it had recorded RM8 billion in profits despite losses linked to Indonesian aquaculture technology company eFishery.
“If we want to criticise, we must be patient. But do not take the eFishery failure as representative of KWAP as a whole,” he said, stressing that individual investment setbacks should be assessed in the context of the fund’s overall performance.
Anwar further assured the House that investment decisions would remain free from political interference, with project selection and priorities determined by qualified professionals.
“We strictly prohibit any political figure from interfering in determining projects and project priorities,” he said.