PM Ismail Sabri: GLCs should contribute towards Budget 2022’s three focus area
Posted On March 13, 2022
KUALA LUMPUR, March 13 — Government-linked companies (GLCs) and government-linked investment companies (GLICs) should direct their efforts this year towards the three main focus areas outlined in Budget 2022, namely the Malaysian Family (Keluarga Malaysia), businesses and economy, said Prime Minister Datuk Seri Ismail Sabri Yaakob.
He said they should prioritise economic recovery efforts for a return to sustainability and to narrow the economic gap through community empowerment, sustainability concept-based projects, development projects to stimulate recovery as well as digital connectivity projects.
“The government has also launched certain projects such as an integrated ecosystem to explore digital-, Fourth Industrial Revolution (4IR) technology- and 5G-based industries.
“Through the collaborative spirit among the government, GLCs/GLICs and the private sector, as well as non-governmental organisations, I am confident we will be able to handle the pandemic’s impact and build back a more prosperous nation for the well-being of the entire Malaysian Family,” he said in a special interview in conjunction with the GLC Open Day 2022 held here from March 11-13.
To recap, Budget 2022 tabled in October last year — the largest budget to date — has three main focus areas: the rakyat’s well-being, resilient businesses and a prosperous and sustainable economy.
Ismail Sabri said the second focus for the GLCs and GLICs is to restore businesses’ capability and competitiveness through various initiatives such as business financing and support for the micro, small and medium enterprises (MSMEs) through the GLC/GLIC ecosystem, including Bumiputera traders and companies.
He said a RM5 billion allocation is provided through the GLC Network initiative: Empowering MSMEs to assist MSME entrepreneurs through advisory services and financial support.
“With the country’s (international) borders reopening on April 1, 2022, I am confident it will stimulate the economy and help in the growth of not only GLCs and GLICs, but also companies linked to them,” he added.
Ismail Sabri also noted that Budget 2022 forecasts investments of at least RM30 billion by GLCs in the renewable energy area as well as the modernisation of supply chain or 5G infrastructure.
“This will catalyse SMEs that are involved in these areas,” he said.
The Prime Minister said through its efforts to narrow the capability, wealth and digital gaps, the government is also prioritising Bumiputera empowerment, whereby Budget 2022 stresses that 40 per cent of GLCs/GLICs’ local procurement must be awarded to Bumiputera entrepreneurs.
On the focus on the Malaysian Family’s well-being, Ismail Sabri said, GLCs and GLICs should work closely with the government in restoring the lives of the people in totality, comprising livelihoods, jobs and public health enhancement.
“Through the rebranded GDRN (GLC Demi Rakyat dan Negara), GLCs and GLICs will contribute to higher quality of education and public health, especially for the targeted and underprivileged groups,” he said.
On a related matter, the Prime Minister said in total, GLCs and GLICs have employed about 500,000 local workers. Indirectly, they support millions of workers through their ecosystem that comprises private companies of varying sizes.
In 2021, the Malaysian Short-Term Employment Programme (MySTEP) managed to place 21,541 graduates in jobs within GLCs and GLICs, surpassing the target of 15,000, he said.
“This year, MySTEP is targeting 300,000 (contract employment) job placements in GLCs/GLICs. This will contribute to the government’s overall (JaminKerja initiative) target of creating 600,000 job opportunities for Malaysians, which would reduce the nation’s unemployment rate to below four per cent by year-end,” he added. — Bernama