00:00More than 1,000 delegates and 18 speakers from around the world to exchange ideas...
00:07I think what we have been able to work together with the GLIC and GLC was to encourage them to
00:14step up to play a bigger role in developing the domestic economy.
00:18And you've seen under the Gear Up initiative, they have stepped up by offering another 120 billion more investment than
00:24they normally do over the next five years.
00:26And last year, we saw them put in a bit more than 20 billion. Last year, this year also will
00:31be about the same tune.
00:33So that means that target is now translating on the ground.
00:38The types of investments that they were looking in, in the discussion that we're having with GLIC is actually aligned
00:45with the national exploration.
00:47They're using things like the NINP as a key segment drive because that's fundamental to push the national economy forward.
00:55But also for the GLIC and GLC, what they've done is also embrace the concept of lifting the floor.
01:02Lifting the floor is fundamental, right?
01:04Lifting the ceiling, we increase complexity, we bring better FDI, we bring better DDI into the country, we create better
01:10jobs.
01:11Lifting the floor means we need to make sure that that flows through society overall.
01:17So the GLIC has also firstly moved away from minimum wage. They are now adopting living wage.
01:25And about two years ago, they have embraced that they were moved towards the 3001 as the anchor.
01:30And I'm pleased to note that since the beginning of this year, more than 92% of the GLCs under
01:38the GLICs have also embraced living wage.
01:41So that's good because it puts a new marker out there.
01:44And we tell the private sector, you can afford to pay more, pay what the worker is worth along the
01:51way because the productivity in the country has gone up.
01:53So we're using the GLC and GLC as a driver to catalyze the economy along the way.
01:59So hopefully, we will continue this effort to drive it along the way and provide competition inside it to pull
02:06talent so that the other private sectors will have to react to that.
02:11The second thing that GLCs does not only act as a competitor, but they also support programs by the government.
02:16This year, we had the launching of the Bakat Mandani program, right?
02:21Where Bakat Mandani connects graduates, whether they come in from universities, from TVETs and so on,
02:28through internship mechanisms or training mechanisms that are provided through the GLIC, GLC network.
02:35So 25,000 of these individuals over this year and next year, we're given that opportunity.
02:41So they act as a bridge to help prepare better talent in Malaysia.
02:46And as the economy evolves and gets more complex, they are also helping to build better talent base for the
02:53society.
02:54In some of the investments that the GLICs do, they've done some investments focusing about providing better care workers along
03:07the way,
03:08so that people can recognize that care worker economy is very important.
03:13So they're supporting by investing in those companies that offer care workers to society.
03:18There are also investments done under FOAP.
03:21They are looking at retirement villages and so on, working hand in hand.
03:25So again, what is important for the GLIC and GLC is actually to look at what is the national priority
03:34and try to find things that are relevant to the national agenda.
03:39Thank you very much.
