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Thursday, May 24, 2018

'China investments welcome but must benefit Malaysia'


The Malaysia-China Chamber of Commerce (MCCC) agrees with the government that investments from China should be reviewed if they do not benefit the country.
This was the view presented by MCCC president Tan Yew Sing to the Council of Eminent Persons today.
“Our overall position is that investment (from China) is welcome, but we also accept the fact that benefits have to be given to Malaysia equally, we have to protect Malaysian interest in all foreign investment.
“If there are some that are not beneficial to Malaysia, we have to review them,” he told members of the media after meeting the council at Menara Ilham in Kuala Lumpur today.
When pressed for MCCC’s view on the East Coast Rail Link (ECRL), he declined to comment but said he had been asked by the council to prepare “a report” on several issues including the project.
The council has been tasked with advising the government on ways to improve the economy.
Earlier today, council member and economist Jomo Kwame Sundaram said that although the government appreciated investments that contributed to the country’s progress, it had specific criticisms regarding the ECRL.
“For example, the RM67 billion ECRL project is not economically viable and the cost overruns for such large projects are the international norm.
“[...] The project was awarded by the previous government to a Chinese company without any competitive - let alone transparent - process, with various special privileges, including tax exemptions.
“On May 9, Malaysians resoundingly rejected irresponsible foreign direct investments (FDI) and dubious loans that could burden and ruin economies and their greedy Malaysian enablers, but popular opposition to such projects does not constitute a blanket opposition to all investments from China,” Sundaram said in a letter to the Financial Times.
Good governance benefits business
Meanwhile, Tan also forecasted that Malaysia will be in good stead if it continued to reform its institutions and crack down on graft.
“Corruption is a business cost to people, so if a country can have judiciary independence and minimal corruption, the investor will like this,” he said.
He further expressed conditional support for the Pakatan Harapan government’s move to replace the Goods and Services Tax (GST) with the Sales and Services Tax (SST).
“(Bringing the SST back is good) if the government has enough resources and revenue...to fill the gap (caused by abolishing GST).
“This is an election promise, I can see that our new government will definitely find ways to fill up the gap,” he added.
The Edge Weekly had previously calculated that the shortfall from the replacement of the GST with the SST is estimated to be RM20 billion.
The GST will be zero-rated beginning June 1. - Mkini

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