FMM: There’s positive effect in war against graft

FMM president Datuk Soh Thian Lai said the federation was optimistic that these economic targets and aspirations would be executed and achieved through close collaboration and consultation between the government and the business sector.

PETALING JAYA: The war against corruption is having a positive effect on Malaysia as fairness and equality will attract a higher level of investment in Malaysia, said Fede­ration of Malaysian Manufacturers (FMM) president Datuk Soh Thian Lai (pic).

A clean and strong government would augur well in terms of confidence, not only in foreign direct investment (FDI) but also domestic investments, he said.

“The investment climate can be enhanced due to fair and equal competition compared with the past where a corrupt government created inequality and made the business ecosystem lopsided,” Soh said.

The Malaysian Investment Deve­lop­ment Authority (Mida) recorded a 35.3% increase in foreign investments to RM26.5bil in the first half of this year, mainly in the manufacturing and primary sector.

Mida said in a statement yesterday that China was the largest major investor this year as foreign investments increased from RM19.6bil in the previous corresponding period.

China accounted for RM6.5bil or 43% of the total foreign investments, followed by South Korea (16%), Japan (10%), Singapore (5%) and France (4%), said Mida.

It was also reported that between January and August of this year, Malaysia approved RM61.6bil in investments, which was 53% higher from RM40.4bil in the same period last year.

Economic Affairs Minister Datuk Seri Azmin Ali told Bernama that Malaysia welcomed FDI from any country, including China, as it benefits the country through capital, technology, value creation, jobs and skills transfer.

“We want to ensure that foreign investors will use Malaysia as their final destination to park capital and investments, and certainly that will push the growth of our economy,” he told reporters after launching a joint publication titled China’s Belt and Road Initiative (BRI) and South-East Asia by the CIMB Asean Research Institute and LSE IDEAS yesterday.

Azmin said Malaysia would gain a lot from the BRI which would help bridge the infrastructure and connectivity gap between Malaysia and Asean countries.

“I concur with the notion in the report that the BRI should not become a win for just one country, but instead a success for all, just as how President Xi (Jinping) has called the BRI project ‘a road for peace’,” he said.

Azmin added, however, that foreign investors coming to Malaysia must abide by and respect the policy that had been set, and must create value and opportunities for locals.