WHO SAYS CHINA DOESN’T LIKE DR MAHATHIR – THEY INVESTED RM8 BILLION IN MALAYSIA AFTER GE14, REVEALS KIAN MING: EVEN AS GUAN ENG QUESTIONS PAHANG’S ABILITY TO FUND DEVELOPMENT PROJECTS IN CAMERONS AFTER RACKING UP RM3.2 BILLION IN DEBTS

PUTRAJAYA approved RM15.62 billion in manufacturing investment from China in the first nine months of 2018, out of which more than 50% came after Pakatan Harapan was voted in last May, said Deputy International Trade and Industry Minister Ong Kian Ming.The figures prove that Chinese confidence remains strong despite initial concerns following the cancellation of several mega-projects involving Chinese companies shortly after the 14^th general election, he said.

In 2016 and 2017, approved manufacturing foreign direct investments (FDI) from Chinese companies totalled RM4.7 billion and RM3.9 billion respectively, making China the top source country for FDI in the manufacturing sector, he said in a statement today.

From January to September last year, approved manufacturing FDI from China made up almost one-third of the country’s total manufacturing investment at RM15.62 billion.

“More than 50% of the approved manufacturing FDI from Chinese companies came after GE14, showing that companies from China continue to demonstrate confidence in the Malaysian economy under the new government.”

Shortly after coming into power, Prime Minister Dr Mahathir Mohamad announced a review of several projects undertaken by Chinese companies inked with the previous administration, amid fears that the deals were lopsided.

Despite negative publicity surrounding several Chinese projects, both in and outside Malaysia, investments in the manufacturing sector have, in fact, created jobs and provided a boost for local exports, he said.

“These manufacturing projects are spread out across different industries taking advantage of the supply chain, natural resources and surrounding ecosystem in strategic locations across Malaysia.”

Ong, who is also Bangi MP, said since 2009, China has been Malaysia’s largest trading partner, reaching 16.4% of total trade in 2017.

“China’s rapid participation in global trade has been nothing short of astounding. Malaysia’s total trade with China amounted to RM23.8 billion in 2000. This represented 3.5% of Malaysia’s total trading volume.”

Malaysia’s trade with China continues to grow at a rate that is higher than the rest of the world, despite the ongoing US-China tariff dispute.

“As Chinese companies seek to expand their global footprint, many of them will follow the model employed by Japanese, European and American companies by investing in Southeast Asia.

“Among the countries in Southeast Asia, Malaysia has many natural and strategic advantages, including a stable political environment, well-developed logistics infrastructure, such as roads, ports and airports, a relatively skilled workforce, a cost-competitive environment for doing business, a good quality of life and access to a large pool of Chinese-speaking workers and managers.”

Malaysia will continue to “entice” top Chinese companies, alongside investors from around the world, to look here, he said.

He added that the speed at which many of these Chinese companies invest and start their operations in Malaysia may necessitate an initial influx of Chinese workers, especially at the construction and technology transfer phases.

However, these workers will be deployed back to China or to other parts of the world after a period of time, and that these Chinese companies would inevitably localise their staff. – January 22, 2019.

Guan Eng questions Pahang’s ability to fund development

FINANCE Minister Lim Guan Eng questioned whether the Barisan Nasional-controlled Pahang can afford to develop the state, and Cameron Highlands in particular, when its debts amount to RM3.2 billion.

He said Pahang’s debt to the federal government was the highest among all the states in the country. The state’s budget has also been in deficit since 2015, he added.

“Every year, the state menteri besar will proudly claim that the state was presenting a surplus budget. However the auditor-general’s reports will show otherwise.

“The continuous deficit budget shows an irresponsible financial management. In fact, the accumulated deficit as of December 2017 stands at RM228 million,” said Lim in a statement today.

He added that this mismanagement of the finances resulted in the state government being unable to settle its debt to the federal government.

“How can the state continue with its development projects with such high debt and negative budget figures?” he asked.

Pahang’s finances come into sharp focus as the state faces a by-election in Cameron Highlands on Saturday.

Lim had previously urged voters in Cameron Highlands to vote for the Pakatan Harapan candidate if they wanted development in the parliamentary constituency.

Cameron Highlands had always been a Barisan Nasional stronghold but the coalition’s win last general election was annulled by the election court in November after its winning candidate was found to have employed vote-buying and money politics in the run-up to the elections.

The by-election will see a four-cornered fight involving Pakatan Harapan’s M Manogaran, Barisan Nasional’s Ramli Mohd Nor, and two independent candidates.

– https://www.themalaysianinsight.com