Najib: Malaysia not selling sovereignty by attracting foreign direct investment

KUALA LUMPUR: Malaysia is not selling its sovereignty by attracting foreign direct investment, said Prime Minister Datuk Seri Najib Tun Razak (pic).

 

"(Foreign direct investment) does not mean selling your sovereignty as a certain nonagenarian might try to tell you," said Najib. 

 

The Finance Minister said this at the InvestKL Annual Ministerial Event here on Thursday (March 29).

 

He said the diverse nature of foreign direct investment coming into Malaysia shows the attractiveness of the nation's ecosystem and the ability of talented Malaysians to be at the forefront of new industries and digitalisation.

 

"It also shows that the country is on the right path - which stands in stark contrast to the manifesto of the Opposition, which a subsidiary of Fitch recently said would weaken the business environment and harm Malaysia," he said. 

 

Najib was referring to a recent report by international think tank BMI saying that the reforms promised in the Pakatan manifesto would weaken the Government's financial position and could make Malaysia a less business-friendly place.

 

He added that the Government is targeting RM200bil of approved investments in 2018, of which 40% or RM80bil are already in the pipeline.

 

Najib also said that InvestKL has successfully attracted 73 multinational companies to set up a regional hub in Kuala Lumpur, adding that these companies have brought in over RM11bil in approved jobs and committed investments to the economy and close to 11,000 high skilled regional job opportunities.

 

"In our efforts to create a better future for our citizens, as well as enhancing the attractiveness of Kuala Lumpur as a hub, my Government is committed to remaining future-focused, with the digital economy being a key part of our agenda," Najib added. 

 

InvestKL is a government agency tasked with attracting large multinational companies to invest in Greater Kuala Lumpur by setting up their regional hubs here.

 

Pakatan chairman Dr Mahathir, 93, had previously criticised Najib for selling the nation's sovereignty to China over the surge of Chinese mega-projects. 

 

Najib has repeatedly defended the administration's relationship with the Chinese government, saying that the accusations were baseless as foreign direct investment from China was lower compared with other nations.