ALL memorandums of understanding (MOUs) signed between Malaysian and Chinese companies recently will be evaluated in a transparent and comprehensive manner by the MOU Evaluation Committee, whose members are from several ministries and investment-related agencies.

Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz said the Finance Ministry would certify that the companies involved are not blacklisted while the Foreign Ministry would examine the implications of the MOUs on Malaysia’s foreign policy.

He said the Investment, Trade and Industry Ministry (Miti) would analyse the financial strength of the local companies involved with the MOUs.

He said investment-related agencies such as the Malaysia External Trade Development Corporation would look into the benefits that could be derived through the MOUs.

“In the process of evaluating the MOUs, there are several that were rejected by the MOU Evaluation Committee as they did not meet the criteria (in the MOUs) and would not bring significant economic benefits to the country,” he said in his social media accounts today.

Tengku Zafrul said this in response to the claim by Titiwangsa MP Johari Abdul Ghani, who said there were several Malaysian companies, out of the 19 that signed the MOUs with firms in China during Prime Minister Anwar Ibrahim’s visit to the republic recently, did not have a track record.

Raising this matter in the Dewan Rakyat, Johari also questioned whether Miti or the Malaysian Investment Development Authority had vetted these companies.

Tengku Zafrul also said the investment commitments totalling RM170 billion were divided into two components – RM100.33 billion involving renowned companies in China during the roundtable session chaired by the prime minister and RM69.74 billion involving 19 business-to-business MOUs between companies in Malaysia and China.

He said the MOUs signed were business-to-business transactions and stressed that a comprehensive evaluation must be undertaken.

“Moreover, these are cooperation with foreign companies with projects worth billions of ringgit. Evaluation must be undertaken because if the businesses did not materialise, our companies will lose, not the government,” he added. – Bernama, May 24, 2023.