Najib lauds foreign investment in Malaysia

Prime Minister Najib Razak says his government will do the responsible, not popular, things for the nation, including cracking down on crony capitalism. – The Malaysian Insight pic by Najjua Zulkefli, July 25, 2017.

THE Malaysian capital market increased 9% to RM3.1 trillion in the first six months of this year, which ranked it fifth in Asia, relative to gross domestic product (GDP) Prime Minster Najib Razak said in his keynote address at Invest Malaysia 2017 today.

Malaysia is also home to the largest number of listed companies in Asean and at US$29 billion (RM124 billion), Bursa Malaysia has also recorded the highest in funds raised in the last five years among the 10-member regional body, he added.

“All this can point to only one conclusion, namely, our economy continues to prosper and we are stronger than ever as a result of the reforms and programmes the government has put in place,” he said.

“The business community wants the certainty of knowing the government is committed to the necessary reforms and to fostering a culture of entrepreneurship, transparency, accountability, and good regulations.”

China’s Huawei topped the major investments pledged by foreign companies in Malaysia, the prime minister said, adding the manufacturer was making the country its global operations headquarters, data hosting and global training centre, at a project cost of RM2.2 billion, while employing more than 2,300 people.

He also said Saudi Aramco was investing US$7 billion – the company’s largest downstream investment outside Saudi Arabia – for a 50% stake in the Petronas Refinery and Petrochemical Integrated Development in Johor.

That is the single largest investment in Malaysia, and shows the confidence Saudi Arabia has in our people, our technology, and ability to be a strong partner with their most important business, he added.

In the finance sector, Najib said London-based HSBC was investing more than RM1 billion in building its future regional headquarters at the Tun Razak Exchange.

The prime minister also said Broadcom Ltd, one of the world’s largest semiconductor entities with a market capitalisation of nearly US$500 billion, is transferring its global distribution hub that will manage the group’s inventory of RM64 billion annually to Malaysia from Singapore this year.

Finisar Corporation, a global technology leader in optical communications, will invest a further RM610 million in its operations in Perak, bringing its total investment in Malaysia to RM1 billion, he said.

Najib also criticised opponents of the Goods and Services Tax (GST), and said the government would always be straight with the people and do what is right for them.

We will always put their interests first, from economic welfare to security. Even if it is not the most popular thing to do, we will not hesitate, because it is the responsible thing to do for the country, he added.

He said this is a reason what he is not very popular with a certain person, under whose leadership, many corners were cut, and the people had to pay a very high price, so that a few of his friends benefited, even when symbols of national pride had horrendous and catastrophic decisions hoisted on them.

Najib claimed that his government was cracking down on crony capitalism.

“No more sweetheart deals, no more national follies to keep stroking the ego of one man. No more treating national companies as though they are personal property,” he said. – Bernama, July 25, 2017.

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