KUALA LUMPUR: Khazanah Nasional Bhd has intensified its efforts to equip the nation's youth with future-ready skills as part of its commitment to fostering economic growth and ensuring Malaysia's competitiveness on the global stage.
Its managing director Datuk Amirul Feisal Wan Zahir said the the sovereign wealth fund has invested in Khazanah Youth Development Programme (K-Youth) and Dana Impak's initiatives.
The initiatives focused on training and nurturing young people to adapat to IR4.0 skills and enhancing their employability.
He said the talents come from varied socio-economic backgrounds and the opportunity equip Malaysians with in-demand skills, enabling access to high-quality jobs and fostering competitive industries, thereby helping Malaysia achieve its aspiration of becoming a high-income nation.
"Khazanah aims to create a sustainable talent pipeline through upskilling and reskilling initiatives, in response to the rapid acceleration of technological innovation.
"Khazanah is committed to advancing the technical and vocational education and training (TVET) sector, ensuring that skilled talent can be future-ready and contribute positively to the nation's development goals," he said in a statement.
Feisal, who is also a trustee of the Khazanah Research Institute (KRI) since 2021, pointed out that research by the institute found that Malaysia is facing a shortage of highly skilled talent necessary to support the rapid growth of its high-tech industries.
KRI reported that many graduates in science, technology, engineering and mathematics (STEM) are currently working in unrelated fields due to a lack of demand for skilled workers in relevant sectors, coupled with a decline in investment in research and development (R&D).
Additionally, Feisal said the electrical and electronics (E&E) sector shows a significant lag in the creation of high-skilled jobs despite a reported talent shortage.
"In response, Khazanah has allocated RM200 million to K-Youth programme this year to train and develop 11,000 young Malaysians in key sectors, including semiconductors, targeting critical talent gaps in areas like chip design and advanced manufacturing.
"This initiative aligns with Khazanah's commitment to advancing the nation's semiconductor sector as part of the National Semiconductor Strategy, which aims to enhance the local ecosystem and solidify the country's position as a global leader in the semiconductor industry," Feisal added.