MALAYSIA is not a failed state as claimed by certain quarters as the country continues to attract investments besides recording a positive gross domestic product (GDP) growth over the years, says Deputy International Trade and Industry Minister Chua Tee Yong.        

Malaysia continued to post trade surpluses every year since 1997, he said.

“As such, I’m disappointed when the opposition says our government is failing or becoming a failed state as we continue to attract investments and post (positive) GDP.

“We have showed that our exports and total trade have increased by double digits,” he told reporters after a working visit to Kawan Food Manufacturing Sdn Bhd here today.

Chua rapped the opposition for twisting facts on the current economy of the country for their own political gains in the run-up to the 14th general election.

On another note, Chua said, the international reserves of Bank Negara Malaysia (BNM) have been on the increase which were determined by inflow and outflow of foreign funds.

“That’s the reason why in 1997, our foreign currency reserves are approximately US$20 billion (RM81.5 billion) and now currently about US$100 billion,” he said this when responding to allegation made by the opposition that the BNM’s foreign currency reserves had been reduced and that losses have been incurred.

As at end-November 2017, Malaysia’s international reserves stood at US$101.9 billion and were sufficient to support 7.5 months of retained imports, he said.

“The current amount of reserves is five times larger than the US$21.7 billion recorded in 1997 which can only support 3.4 months of retained imports,” he said. – Bernama, December 20, 2017.