Focus on investment policy and political stability, say business leaders

 

Malaysia can remain an attractive investment destination with the right approach, say business leaders.

PETALING JAYA: Malaysia must be more decisive in its policies and increase political stability to attract investments that could spur economic growth and recovery, according to the American-Malaysian Chamber of Commerce (Amcham).

Its CEO Siobhan Das said while Malaysia remained an attractive investment destination, especially for American investment, the country must be decisive to attract value-added investments.

“This includes sustainability issues on the environment and labour, and the implementation of laws promoting digital services and trade,” she said during a recent consultation meeting with the Asean Business Advisory Council (Asean-BAC) Malaysia.

The consultation meeting was held to discuss Malaysia’s efforts in attracting foreign direct investment from the US and its business communities.

Asean-BAC member Raja Singham said Malaysia would need a stronger digital workforce if it wants to grow its digital industries, saying that the country’s workforce could flourish if given the right environment, platform and training.

The consultation meeting also touched on the issue of political stability, continuous dialogues between the public and private sector, and ratification of trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The chairman of the Royal Selangor pewter firm, Yong Poh Kon, who is an Asean-BAC member, said ratification of the CPTPP could serve as an anchor and catalyst for change since its provisions would impose a wide range of standards that both the public and private sector would need to comply with.

Asean-BAC chairman Munir Majid said the council, as well as foreign businesses, were concerned about the political turmoil in the country on top of the unprecedented crisis caused by the pandemic.

“We make business representations, even express personal views. But Malaysia’s attractiveness for foreign investment remains and can be enhanced. We hope that with the new government and understanding with the opposition there will be a much-needed respite for the country to get down to business for economic benefit,” he stressed.

Another panellist, US-Asean Business Council senior vice president and regional managing director Michael W. Michalak said continuous public-private dialogues were needed to ensure that Malaysia would remain as an attractive investment destination. - FMT