Khazanah: Budget 2024 strikes right balance to bolster the country’s resilience

KUALA LUMPUR, Oct 14 — Budget 2024 strikes the right balance to bolster Malaysia’s resilience amidst global headwinds while advancing economic transformation and improving...

As announced in the Budget 2024, Khazanah has been tasked to spearhead the strengthening of the local venture capital ecosystem in collaboration with VC agencies such as Penjana Kapital and Malaysia Venture Capital Management Bhd . — Picture by Firdaus LatifKUALA LUMPUR, Oct 14 — Budget 2024 strikes the right balance to bolster Malaysia’s resilience amidst global headwinds while advancing economic transformation and improving socioeconomic outcomes for all.

“Guided by this framework, we will continue undertaking strategic investments, developing human capital, supporting startups and small and medium enterprises , driving sustainability and executing impactful corporate social responsibility programmes,” he said in a statement.

“Centralising government resources in this space would allow for better coordination as we aim to nurture and grow Malaysian startups to enhance their regional competitiveness.“In addition, to raise the ceiling, Khazanah along with other GLICs and GLCs will allocate RM1.5 billion in funding for startups including Bumiputera SMEs in high-growth, high-value industries, such as the digital economy, aerospace technology and electrical and electronics industries,” he said.

“Under our wholly-owned subsidiary UEM Group Bhd, Khazanah has launched a green investment platform, UEM Lestra Bhd, to invest in and build domestic champions in green sectors such as renewable energy and storage, green building technology and energy efficiency and e-mobility ecosystem,” he said.

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