For three decades, Malaysian companies benefited from a world where capital, production and demand moved readily across borders. That environment is becoming less dependable as capital turns more selective, production moves closer to home, and access to markets is increasingly shaped by geopolitics and technology.

For Khazanah, this changes how we think about our role and about delivering sustainable value for Malaysians. As a purpose-driven investor, we aim to create value beyond financial returns by investing in firms, capabilities and ecosystems that will shape Malaysia’s future. Through Advancing Malaysia, we seek to grow long-term wealth for the nation while strengthening Malaysia’s competitiveness and resilience, in support of the wider ambition of Ekonomi MADANI.

Malaysia’s resilience increasingly depends on the depth of our own firms. We need more Malaysian companies that can adopt technology, reach customers across several markets and continue creating good jobs as conditions change.

Dana Impak was launched with a RM6 billion commitment to help build that capability. Under GEAR-uP, it forms part of Khazanah’s wider commitment to strengthen Malaysian firms and capabilities. Over time, we have sharpened how we deploy that capital through programmes that bring investment and expertise together around firms at different stages, from venture investment and mid-tier companies to areas where technology can strengthen Malaysia’s industrial base. The wider aim is to deepen national capabilities and raise economic complexity.

Our experience has reinforced a simple lesson. Capital is necessary, but rarely sufficient. Firms may also need stronger governance, management depth, market access, technology and the right partners. Our role is to steward our investments responsibly and help build a strong ecosystem around Malaysian firms. We do this by bringing together investors, fund managers, industry partners and institutions so that firms and funds become stronger and more investable.

Across these programmes, we want more Malaysian firms to grow profitably, raise productivity, reach new markets and support better wages and employment.

I often think of this as a relay, with Khazanah playing different roles at different stages and helping bring in deeper pools of capital as firms grow. Through Advancing Malaysia, we will keep strengthening our programmes and partnerships, helping more Malaysian firms grow, compete and contribute to a more resilient and capable Malaysian economy.