Set up special panel to monitor foreign investments, Johari tells govt

 

Titiwangsa MP Johari Ghani said it is important to monitor the implementation of MoUs entered by Malaysian companies with foreign entities.

PETALING JAYA: Former second finance minister Johari Ghani has urged the government to set up a special committee under the international trade and industry ministry (Miti) to monitor investments in the country.

Johari, who is the Titiwangsa MP, said it was important to monitor the implementation of memorandums of understanding (MoUs) entered by Malaysian companies with foreign entities.

“There must be a team to monitor (such investments) and this can be done through Miti. Reports from time to time are needed, on why the investments were successful, why they were not, why postponements were warranted,” he said, according to Utusan Malaysia.

He said there must be follow-ups on the MoUs to understand the issues, including those faced by potential investors.

Progress reports on the investments should also be presented to the Cabinet to look into solutions for problems involving government agencies, departments and ministries. This would encourage investor confidence, he said.

On Saturday, Prime Minister Anwar Ibrahim announced that China had agreed to invest RM170 billion in Malaysia. The sum marks the highest investment commitment from the country to Malaysia.

The commitment was secured after 19 MoUs were signed between Malaysian and Chinese companies, as well as a roundtable meeting with elite Chinese business leaders during Anwar’s recent visit to China.

Yesterday, Anwar told the Dewan Rakyat the Cabinet would meet today to discuss, among others, the need for the government to set up a special committee to monitor the investments.

So far, he said, the projects are being satisfactorily monitored by Miti, the Malaysian Investment Development Authority and Malaysia External Trade Development Corporation. - FMT