'Least favoured' ranking exposes Najib's reform promise: Anwar

Harakahdaily

KUALA LUMPUR, Sept 19: A recent report that Malaysia was now the “least favoured market” in Asia Pacific for investors has worried Opposition Leader Anwar Ibrahim, who said it starked in contrast with what the government has portrayed about the country's economy. “Although the government has been trying to paint it beautifully, but the fact it we dropped two spots from 10th place to dead last,” said Anwar in a statement, responding to the report based by wealth management advisor Merill Lynch, a division of Bank of America, on its Fund Managers Survey. Anwar said the report pointed to the failure Najib Razak's promise to deliver an economic transformation to attract foreign investors and boost investors’ confidence in the country. He urged the government to focus on investors’ concerns, saying it need to ask why Malaysia could no longer compete with neighbouring countries such as Indonesia. “Our neighbour, according to the World Economic Forum (WEF) has surged 10 places to 44th,” noted Anwar referring to the World Economic Forum (WEF)’s ranking of 139 nations which also showed a decline in Malaysia’s ratings where the country had slipped two places in global competitiveness rankings to 26th in the past year. “Due to these development, we are sceptical whether the details of New Economic Model which will be announced soon by the prime minister can help to heal the current dampened economy,” he added, and said the reports raised doubts about the government’s target to raise RM 2.2 trillion in 10 years, 92% of which is from private investments. The former finance minister also warned the government against any economic policies that denied the basic principles and failed to implement changes to an ailing system. “The investors are putting priorities on the justice system which must be seen as clean, clear of corruption, transparent and with leaders who can give them confidence. All talks and details on the new economy polices while not addressing those basic issues only tend to get cold responses,” he said.