Category
📺
TVTranscript
00:00Welcome to BizWorld, I'm Niren Razman.
00:13An investment of up to 3 billion ringgit will be made by the Sovereign Wealth Fund,
00:18Kazana National Berhad, Retirement Fund Incorporated, KWAP, and Blue Chip Venture Capital, BCVC.
00:25Prime Minister Datuk Seri Anwar Ibrahim said the investment will be made in Southeast Asian and Malaysian ecosystems under the ASEAN Investment Initiative.
00:55A Malaysian-focused fund with an initial 1 billion ringgit allocation to invest in innovative high-growth companies.
01:07Speaking at the launch of KL20 Summit 2024 earlier today, he said this was following the 2024 Malaysia Madani budget announcement last year.
01:18Anwar added that the initiative outlined the government's commitment to Malaysian companies,
01:23from Bumiputra entrepreneurs to startups, small and medium enterprises, and rising champions.
01:35Malaysia should look into ways to establish an annual revenue objective in order to gouge its tax collection potential.
01:42According to World Bank's lead economist, Apoorva Sanghi, reducing subsidies alone is not sufficient to generate the desired fiscal save-up.
01:54Malaysia needs to first set and then obviously communicate and implement a well-defined revenue target,
02:02which will then determine the optimal mix of tax instruments.
02:06On pension reforms, reforming pensions by reducing a defined contribution scheme for new civil servants is a good starting point
02:14to address Malaysia's high spending rigidity, charting a well-thought-out investment policy.
02:22He added that subsidy cuts is expected to contribute only 0.8% to the revenue collection.
02:29Tax revenue is estimated to increase to 12.3% of gross domestic product due to higher corporate and personal income tax collection.
02:43Kazana National's upcoming National Fund of Funds will be supercharging the effort to strengthen the startup ecosystem holistically in Malaysia.
02:53Its managing director, Dato Amirul Faizal Wan Zahir, said among new areas that Malaysia can lead are medical devices, agrotech and sustainability.
03:04And I think this is our role where while we have an investing mandate, but because it's developmental in nature
03:11and we have a long-term gestation period in terms of returns, we can take bigger risks
03:16and bring in partners that look at the whole ecosystem, right, and looking at investments from even venture generation up to series A and all the way to growth as well.
03:32He added that there are also opportunities for Malaysia to shift towards innovation and manufacturing homegrown products.
03:41These are the areas that the Sovereign Wealth Fund wants to focus on in continuity of the capital.
03:51Wursa Malaysia continued to trend higher in line with the regional sentiment recovery.
03:56At market close, the benchmark FBM-KLCI added 12.02 points to finish at 1,559.59.
04:05Gainers outpaced losers with 764 against 331 counters, while 420 counters traded unchanged.
04:15According to Rakuten Trade, positive sentiment is driven by the recovery of losses and greater involvement in the global equity market.
04:25The net purchases by local institutions on Bursa Malaysia hit a six-year high last week, totaling 1.79 billion ringgit.
04:33This versus the 430.7 million ringgit worth of domestic equities sought after in the week before.
04:41According to MIDF research, the amount was the highest since February 2018.
04:47It added that this was the local institution's eighth consecutive week of net buying.
04:52However, like most of its Asian counterparts, Bursa Malaysia recorded massive net selling last week, amounting to 1.59 billion ringgit.
05:00The research house said that the only sector with a net foreign inflow last week was telecommunication and media.
05:08Meanwhile, the top three sectors that recorded the highest net foreign outflows were financial services, consumer products and services, and industrial products and services.
05:17And that's all the time we have for BizWorld.
05:23I'm Nguyen Razmin. Keep tuning in to TV3.
05:25I'm Nguyen Razmin. Keep tuning in to TV3.
05:26I'm Nguyen Razmin. Keep tuning in to TV3.
05:27I'm Nguyen Razmin. Keep tuning in to TV3.
05:28I'm Nguyen Razmin. Keep tuning in to TV3.
05:29I'm Nguyen Razmin. Keep tuning in to TV3.
05:30I'm Nguyen Razmin. Keep tuning in to TV3.
05:31I'm Nguyen Razmin. Keep tuning in to TV3.
05:32I'm Nguyen Razmin. Keep tuning in to TV3.
05:33I'm Nguyen Razmin. Keep tuning in to TV3.
05:34I'm Nguyen Razmin. Keep tuning in to TV3.
05:35I'm Nguyen Razmin. Keep tuning in to TV3.
05:36I'm Nguyen Razmin. Keep tuning in to TV3.
05:37I'm Nguyen Razmin. Keep tuning in to TV3.