Stop using Covid-19 excuse for FDI drop, it’s your fault, Anwar tells govt

 

Opposition leader Anwar Ibrahim says political instability is the main reason why foreign investors have chosen other countries.

PETALING JAYA: The government must be held accountable for the drastic fall in foreign direct investments (FDIs), opposition leader Anwar Ibrahim said today.

Referring to a United Nations Conference on Trade and Development report stating that the inflow of FDIs into Malaysia dropped by 68% to US$2.5 billion in 2020, Anwar noted that it was the worst record among Southeast Asian countries.

The report said the overall FDIs in Southeast Asia decreased by 31% to US$107 billion, with Singapore’s FDIs falling by 37% to US$58 billion, Indonesia by 24% to US$18 billion and Vietnam by 10% to US$14 billion.

“We suffered the worst, dropping by 68%, compared with other Asean countries. So, what excuse does the government have?

“Aren’t other countries also affected by the Covid-19 pandemic?,” Anwar said in a Facebook Live session today.

Citing Indonesia’s FDIs that dropped by 24% and the Philippines’ that rose by 29%, he said the government should learn from these countries on how to manage the pandemic more effectively.

“There is no emergency declared in Indonesia and the Philippines, but their FDIs are still better than ours,” he said.

Anwar added that political instability is the main reason why foreign investors have chosen other countries, instead of Malaysia.

He urged the government to start taking responsibility for their weak governance that has resulted in a major drop in FDIs.

The Port Dickson MP also slammed the government for not telling the truth about the country’s economic situation.

“Just admit what you have done is wrong for the country and come up with better solutions to revive the economy,” he said. - FMT