FOLLOWING criticism by a business chamber, former Prime Minister Datuk Seri Najib Tun Razak urged the Government to reflect on why Malaysia was losing out on key investments.
“Our Finance Minister was chided by a foreign investor and the public after painting a picture that our economy is doing great, by attracting over RM100 bil in investments last year.
“He was rebuked as many saw him as being untruthful and was attempting to hide the reality on what’s happening to our economy,” Najib said, in a Facebook post.
Yesterday, EU-Malaysia Chamber of Commerce and Industry (EUROCHAM Malaysia) CEO Sven Schneider criticised Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz’s boast that Malaysia remains an attractive business hub for foreign investors.
The minister claimed that by receiving RM109.8 bil in foreign direct investments (FDI) and domestic direct investments (DDI) in the first nine months of last year, Malaysia remains a hot favourite among investors across the globe.
However, Schneider poured cold water on Tengku Zafrul’s statement, saying that many international investors are concerned about Malaysia’s viability as an investment hub.
Schneider added that Tengku Zafrul had yet to make himself available to his business chamber to discuss matters concerning the latter’s commercial interests.
“Without these inputs, your ministry certainly cannot address the problems on the ground. Besides, it really needs more than a few nice words and window-dressing,” Schneider was reported saying.
Najib, who himself has been voicing out on the issue for several months, said that Malaysia has been losing strategic FDI since the last general election.
“If you don’t believe me, can someone tell what is the most significant FDI the previous Pakatan Harapan and the current Perikatan Nasional Governments have announced in the last three years?”
“The truth is, our FDI as of third quarter last year have dropped badly and even turned negative when some key investors moved their businesses to our neighbouring countries.”
“The question is, while some may have moved out due to COVID-19, one must also ask how come our neighbouring countries received massive amounts of FDI at the same time,” the Pekan MP added. – Jan 10, 2021.
