DARELL Leiking smiles every time someone tells him Malaysia is no longer reeling in investors.

The international trade and industry minister is used to it.

In its first year, the Pakatan Harapan (PH) government has had to weather a stream of negativity from business pundits and investors.

They say that Malaysia’s stock market is the “worst performer in the region, that the government is “anti-China” and the country no longer an “exciting place” to put their money.

Critics of the government’s honesty about the country’s finances said it has spooked investors, leading to billions being taken out of the stock market.

When he hears this about Malaysia, Leiking pulls out one number – RM115 billion. That is the total foreign and domestic approved investments that PH earned between last July and December.

The country has also earned RM80.5 billion last year from foreign investments, a 48% jump from the Barisan Nasional administration garnered in 2017.

About RM100 million was in 81 capital intensive projects that will create high skilled and high paying jobs for Malaysians.

The RM115 billion has proven that despite the volatile stock market and cynicism, the country’s economic fundamentals remain strong, giving companies confidence in opening up their operations here, said Leiking.

“So when we hear news like that, we don’t take it negatively. We don’t get angry. Rather we improve, we find where we can make this right,” Leiking told reporters when recounting his first year in office.

The most recent negative piece was about how Malaysia had the worst performing stock market in the region because it is “really, really boring”.

“Like that particular article, it encourages us to find corrective measures, but contrary to what they said, a lot of people are coming in,” said the 47-year-old Leiking, who is also a former lawyer from Sabahan.

Positive news

Leiking said the stock market outflows have had little effect on dampening investor interest in Malaysia.

In a recent trade mission to the US, the administration secured RM6.6 billion from American companies to Malaysia.

“Most of them have already invested in Malaysia and re-invested into Malaysia, adding more value to the country.”

Most of these investments are in the electronics and electrical manufacturing industry and in chemicals.

Leiking declined to name the companies.

“One company, they are very much in Malaysia, when we visited their headquarters, they committed another billion to us. Many Malaysians are working for them and they say we will increase our workforce.

“Another was a flying services company who wants to set up a branch in Malaysia.”

Another untold story of foreign investors he said is some multinational corporations set up backrooms and production centres in the country while their headquarters are somewhere else.

 “Another company opened their headquarters in Singapore. I asked, how many employees in Singapore? They said about 30, that’s the HQ. But in Malaysia, they have about 1,800. At first, I was shocked.

“Some open their HQs in Singapore, but the operations are in Malaysia. These are things people don’t really look at.

“The negative news will always say HQ is there, but the positive news nobody touches, the employment is here, the technology, the R&D, is here.”

Leiking believes as the new administration settles into its term after this first year, investors, business journalists and the market, will be convinced that Malaysia is open to investors and trade.

“Slowly but surely. It has been a year, and I’m not going to say give us some time, I’m not even going to say give us one to two years.

“I’m going say this. This is definitely a work in progress as we craft, design and curate, and many more companies, investments will come.” – May 1, 2019