INDONESIA is receiving foreign direct investments (FDI) to the tune of hundreds of billions while Malaysia is still busy selling off national assets.
“Since the 14th General Election, Malaysia’s FDI is falling rate keeps falling. Last year alone, our neighbour Indonesia received hundreds of billions in investments,” said former Prime Minister Datuk Seri Najib Tun Razak, in a series of Facebook posts.
This was not the first time Najib had lamented on how Malaysia was losing out on key investments, calling for the Government to buck up and find creative ways to lure investors.
“Tesla is going to Indonesia. Amazon and Google are also planning to set up bases there. What is happening?
“We have the International Trade and Industries Ministry (MITI), Malaysian Investment Development Authority (MIDA), Malaysia Digital Economy Corporation (MDEC) and InvestKL. What are they doing?” he asked, last month.
Reminiscing the past, Najib said that in 2015, Hyundai Motor Company established its headquarters in Kuala Lumpur, which also served as a training centre for 33 nations across the Asia Pacific.
“However, Hyundai is moving their Asia Pacific headquarters to Indonesia this year. The result? Malaysians will be losing their jobs.
“In fact, Indonesia has roped in massive investments from the automotive sector last year, such as Hyundai (RM4.02 bil), Toyota (RM8.04 bil), battery company CATL (RM20.09 bil) and LG Chem (RM39.37 bil.
“And what did Malaysia get? Not even a single sen,” the Pekan MP remarked.
Najib added that the last time Malaysia attracted a significant investment from the automotive sector was back in 2016 and 2017.
“That was when Geely and and Volvo established its Asean headquarters in our country,” he said. – Jan 7, 2021.
