Malaysia is not a failed state, insists deputy minister

Malaysia is not a failed state as claimed by certain quarters, as the country continues to attract investments, besides recording positive GDP growth over the years, said Deputy Minister of International Trade and Industry Chua Tee Yong.

Malaysia continued to posts trade surpluses every year since 1997, he added.

"As such, I’m disappointed when the opposition says our government is failing or becoming a failed state as we continue to attract investments and post (positive) GDP.

"We have showed that our exports and total trade have increased by double digits," he told reporters after a working visit to Kawan Food Manufacturing Sdn Bhd in Shah Alam today.

Chua rapped the opposition for twisting facts on the current economy of the country for their own political gain in the run-up to the 14th general election.

On another note, Chua said, the international reserves of Bank Negara Malaysia have been on the increase, which were determined by inflow and outflow of foreign funds.

"That’s the reason why in 1997, our foreign currency reserves were approximately US$20 billion and now currently about US$100 billion," he said.

He said this when responding to allegation made by the opposition that Bank Negara’s foreign currency reserves had been reduced and that losses have been incurred.

As at end-November 2017, Malaysia's international reserves stood at US$101.9 billion and were sufficient to support 7.5 months of retained imports, he said.

“The current amount of reserves is five times larger than the US$21.7 billion recorded in 1997, which could only support 3.4 months of retained imports,” he said.

- Bernama