PUTRAJAYA will repeal laws that make participation in business difficult and local firms will be given priority in the development of urban townships, said Prime Minister Dr Mahathir Mohamad today.

“We don’t want to see too many laws that restrict the freedom to trade and do business. We welcome all investments whether domestic or foreign,” he said in a live telecast this afternoon on RTM.

He said foreign direct investment will be limited to capital and technology (investment) into the country, to the setting up factories, and to manufacture goods for domestic consumption or for export.

“We believe the people are more developed (now), so we can construct our own townships. We will announce (further urban development) via open tender to local companies.

“If there are infrastructure and big projects, only when there are no local expertise, only then there will be foreign participation. That will be done via an open tender. If the selection process appears suspicious, then the government will study through certain senior officers,” he added.

He said to assist this process, the government will seek to repeal several laws through the “available system”, including via Parliament.

“I believe the people should not be anxious or suspicious of the government’s intentions. We intend to clean up the economy and improve the country’s situation,” he said.

As part of its election manifesto, Pakatan Harapan promised to review Chinese investments including the RM55 billion East Coast Rail Link (ECRL) project.

Under the administration of the previous government, Malaysia last year became the fourth-largest recipient of China’s overseas direct investment, according to the Economic Intelligence Unit.

The ranking is a dramatic rise from the country’s 20th place in the 2015 ranking.

Chinese-funded projects include major port and rail projects, with Citibank projected Malaysia to receive as much as RM400 billion Chinese investments over the next two decades. – May 13, 2018.