KUALA LUMPUR, April 22 — An investment of up to RM3 billion will be made by sovereign wealth fund Khazanah Nasional Bhd, Retirement Fund (Incorporated) (KWAP) and Blue Chip Venture Capital (BCVC).

Prime Minister Datuk Seri Anwar Ibrahim said the investment will be made in South-east Asian (SEA) and Malaysian ecosystems under the Asean Investment Initiative.

Speaking at the launch of KL20 Summit 2024 here today, Anwar, who is also the finance minister, also announced that Khazanah Nasional will launch a “National Fund of Funds” with an initial RM1 billion allocation to invest in innovative high-growth Malaysian companies.

He said this was following the Malaysia Madani Budget 2024 announcement last year, which outlined the government’s commitment to Malaysian companies, from Bumiputera entrepreneurs to start-ups, small and medium enterprises (SMEs) and rising champions.

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“The government also aims to centralise investment agencies such as Malaysia Venture Capital Management Bhd (Mavcap) and Penjana Kapital under Khazanah Nasional,” he added.

BCVC is a specialised fund that aims to enhance technology and value in the semiconductor industry. — Bernama

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