Speed up reopening of borders, foreign investors tell Putrajaya

 

Muhyiddin Yassin speaking at a press conference after attending an economic roundtable discussion organised by the British Malaysian Chamber of Commerce in Kuala Lumpur today.

KUALA LUMPUR: Foreign investors have asked Malaysia to speed up the reopening of its borders to resume economic activities and recovery.

At a meeting with UK businesses and investors organised by the British Malaysian Chamber of Commerce today, National Recovery Council chairman Muhyiddin Yassin said the foreign industry players had voiced several concerns related to economic recovery.

They included the reopening of borders and the cost of doing business in Malaysia.

“They (the UK industry players) have asked to hasten the reopening process and ease procedures for investors.

“They also asked if the cost of doing business in Malaysia could be further reduced,” Muhyiddin said at a press conference after the meeting.

He said they also sought more financial assistance and support from the government to assist their businesses.

Muhyiddin said the National Recovery Council acknowledged the concerns and suggestions raised by the industry players.

“I have asked the British Malaysian Chamber of Commerce to prepare a report on the suggestions. I will give them space to present them at the next council meeting,” he said.

Muhyiddin noted that the UK had been an important trading partner and source of foreign direct investment (FDI) for Malaysia.

“Malaysia is the UK’s second largest trading partner among Asean countries. Before the Covid-19 pandemic, the FDI in Malaysia from the UK amounted to £3.8 billion.

“Given the large footprint that British businesses have in Malaysia, I strongly believe that these businesses can play an important role in supporting our recovery efforts, to the mutual benefit of both countries,” he said.

He said this would create jobs, promote technology sharing and expand collaboration in research and development. - FMT