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Thursday, July 20, 2017

Only China is in investment mode, says Johari



Malaysia accepted investments from China because it is the only major economy that is currently in "investment mode", said Second Finance Minister Johari Abdul Ghani.
"Today, which other countries in the world right now are in investment mode? Tidak ada (none).
"(But) China is in investment mode," he told reporters in Putrajaya today.
He said this in response to warnings by CIMB Group Holdings Bhd chairperson Nazir Razak that Malaysia's participation in China's One Belt, One Road (Obor) initiative required scrutiny to ensure Malaysia benefits.
Nazir questioned if Putrajaya was generating enough revenue to finance the loans taken from Chinese lenders for many large projects that will be undertaken by Chinese firms.
Johari said that these projects were related to strategic industries that are in Malaysia's interest.
"(The projects) require a lot of capital. It will benefit us, directly or indirectly.

"It will create employment, stimulate the economy during difficult times and bring capital," he said.
Mega projects such as the RM55 billion East Coast Rail Link (ECRL) will be financed through Chinese loans and built by Chinese contractors.
Chinese real estate firms are also actively participating in the property development industry, particularly in southern Johor. - Mkini

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