Najib: Bringing in FDI doesn’t mean selling sovereignty

Prime Minister Najib Abdul Razak has stated that bringing in foreign direct investment (FDI) does not jeopardise Malaysia's sovereignty, in response to Pakatan Harapan chairperson Dr Mahathir Mohamad’s criticism of FDI ventures under the current BN government.

The prime minister said the country’s ability to attract RM54.7 billion in FDI last year was a sign that the international buiness community had faith in the Malaysian economy.

“It does not mean selling your sovereignty, as a certain nonagenarian might try to tell you,” Najib said, taking a swipe at 92-year-old Mahathir without naming him.

“The diverse nature of the FDI coming into Malaysia clearly illustrates the attractiveness of our ecosystem and the ability of talented Malaysians to be at the forefront of Industry 4.0 and digitisation,” he added.  

Najib was speaking to an audience comprising ambassadors and representatives from multinational companies (MNCs), as part of InvestKL’s annual ministerial event at the Malaysia International Trade and Exhibition Centre (Mitec) this afternoon.

Mahathir has in the past criticised Najib’s efforts to woo Chinese investors to Malaysia, saying that this method of bringing in FDI was not beneficial to the country.

"FDI, as we understand it, is when we bring in investment and technology from other countries to set up initiatives that are run by Malaysians at every level.

"But what Najib is doing is bringing in money to buy land to build luxurious cities... and these foreign investors do not create job opportunities for Malaysians. They bring in workers from their own countries and this does not benefit our country," he previously said.

Country ‘on right path’

Najib also contrasted the country’s strong economic growth with the potential dangers posed by Harapan’s 14th general election manifesto.

The premier praised the country’s ability to bring in many MNCs to set up regional offices in Kuala Lumpur.

“It only shows that the country is on the right path.

“Which stands in contrast to the manifesto of the opposition, which a subsidiary of (rating agency) Fitch recently said would weaken the business environment and harm Malaysia,” he said.

International think tank BMI Research previously said that some of the economic policies proposed in Harapan’s manifesto would result in an increase of government expenditure.

It noted that the coalition had not completely accounted for alternative revenue streams to cover its proposals. 

Harapan’s plan to raise the minimum wage along with its proposal to control the price of basic necessities and medicines were bad for business, BMI added. -Mkini