PM's admission of bleak future without the Chinese fails to convince hard-nosed investors

Malaysia Chronicle

Pakatan Rakyat leaders flayed Prime Minister Najib Razak for severe hypocrisy after he admitted a bleak future for Malaysia without the support of the Chinese community, long known to be the economic engine of the country.

“It is surprising he didn’t say these nice things about the Chinese during the Umno assembly, isn't it? There he only dares to talk about “lost lives” and “ethnic cleansing” if Malaysians don’t vote for Umno-BN. Who is going to bother with him now?” PKR vice president Lee Boon Chye told Malaysia Chronicle.

Indeed, the much-anticipated Second World Chinese Economic Forum began on Tuesday on a slightly downbeat note, although once the business leaders begin their sessions, the conference might perk up.

“Basically, there is serious Chinese anger at Najib and Umno. If they think in the past that Chinese business leaders will just allow them to get away with their double-speak, then they are wrong. Najib can push up the public relations to save face but look at the beating the MCA and Gerakan are getting each day, you will know there is no future for him or Umno-BN,” a Malaysian Chinese economic expert attending the forum toldMalaysia Chronicle on the condition of anonymity.

Of public relations and keeping one's word

Nonetheless, despite the obvious change in the mood of the nation, Umno leaders put on their thickest skins to officiate at the opening of the forum.

“Malaysia would not be what it is today without the industry, expertise and dedication of the Malaysian Chinese community. Likewise, there will be a bleak future for Malaysia without the Chinese community’s support. We would clearly fall short of reaching the goals to become a developed nation by 2020,” said Najib in a speech delivered by his deputy Muhyiddin Yassin.

The centre-piece of the forum is likely to be Najib’s newly-launched RM1.4 trillion Economic Transformation Programme. His administration is keen to invite Chinese investors to come on board.

However, many of the projects are super-mega deals that pundits say involve a lot of buffering and padding. They have already warned that foreign investors might balk at the scale of the corruption involved, which they would have to play a part in if they undertook the projects.

In his speech, Najib also invited Chinese investors to consider making Malaysia their second home, adding that Malaysia was looking to attract the best talent from around the world by setting up the government-linked Talent Corporation.

“I would challenge Najib to make the same invitation to the Chinese during the next Umno assembly. If he cannot even say it to Umno, why should the Chinese or any other race accept his invitation and end up fooled by his double-speak," said Boon Chye.

"You see to the Chinese, business is a very intricate game but keeping your word is a must. You can have all back-stabbing, dog-eat-dog competition and skull-duggery but you don't go back on what has been agreed. Now, can we say this for Najib and his flip-flop ways? It is really a waste of everyone’s time and money.”