Malaysia's sovereign wealth fund spearheads new platform to draw investment-Xinhua

Malaysia's sovereign wealth fund spearheads new platform to draw investment

Source: Xinhua

Editor: huaxia

2023-06-27 22:29:15

KUALA LUMPUR, June 27 (Xinhua) -- Malaysia's sovereign wealth fund Khazanah Nasional Berhad said Tuesday it will be spearheading a nation-building initiative through a new green investment platform as announced by Prime Minister Anwar Ibrahim recently.

The green investment platform, which aims to attract domestic and overseas investments, will be mobilized under UEM Group Berhad (UEM Group), a wholly owned subsidiary of Khazanah, the fund said in a statement.

The platform will look to invest and build businesses in green sectors such as renewable energy and storage, green building technology and energy efficiency, and e-mobility ecosystem, it said.

In line with Khazanah's Advancing Malaysia strategy and as part of its nation-building and value creation initiatives, the platform is aimed at delivering societal, strategic and financial mandates. It plans for the platform to drive Malaysia's decarbonization agenda while also upskilling Malaysians in green sectors over the long term.

The platform will also serve to unlock value in Khazanah's existing portfolio and achieve commercial returns by developing its seed assets through new investments and collaborating with high potential local and international companies.

"Our vision is the development of a globally competitive green investment platform in the region, with a direct and active ownership approach," Khazanah managing director Amirul Feisal Wan Zahir said.

He noted that this will be carried out in phases with its initial near-term objective of creating green domestic champions in the Southeast Asian country, followed by the medium-term aim of establishing a platform that is competitive regionally.

According to the fund's statement, Khazanah via UEM Group will soon launch a comprehensive strategy on strategic investments as well as partnerships and collaborations with both local and foreign entities, including planned approaches to attract green investments to create a vibrant and dynamic green economy ecosystem.

"We look forward to contributing towards the government's ambition in establishing Malaysia as ASEAN's center of electricity interconnection and integration to facilitate the sharing of renewable energy resources, crowd-in more investments and promote sustainable development in the region by synergizing efforts across our companies," said Amirul Feisal.

Khazanah is the sovereign wealth fund of Malaysia entrusted to deliver sustainable value for Malaysians.

The fund aims to deliver its purpose by investing in catalytic sectors, creating value through active stewardship, increasing its global presence, as well as building capacity and vibrant communities for the benefit of Malaysians.