Malaysia's state funds to boost investment in local startups

KUALA LUMPUR -- Malaysia's big state-linked funds will increase their investments in local startups and venture capital companies to promote the government's goal of building a resilient domestic economy in the face of external headwinds, according to a government minister.

Second Finance Minister Amir Hamzah Azizan told Nikkei Asia in an interview that pension fund Employees Provident Fund, state sovereign wealth fund Khazanah Nasional and investment management company Permodalan Nasional Berhad will commit an additional 120 billion ringgit ($27 billion) to private companies, including startups, over the next five years.