Wait, foreign investment will show results, MPs tell Muhyiddin

Khoo Poay Tiong (left) and Suhaizan Kaiat (right) of Pakatan Harapan dispute PN chairman Muhyiddin Yassin’s claim that the country is worse off than when he was in charge.

PETALING JAYA: A Pakatan Harapan MP says the national economy will receive a significant boost when the foreign investment secured by the unity government lands in the country.

Responding to claims by Bersatu president Muhyiddin Yassin that the economy was in worse shape than when he was prime minister, Kota Melaka MP Khoo Poay Tiong said: “Tell Muhyiddin, ‘Don’t worry’. Growth will follow once these investment activities begin.”

He said Muhyiddin has to wait. “Last year we went to lobby for them (foreign companies) to invest. They agreed to come. You have to wait. This year the growth will increase,” Khoo told FMT.

He said the promises of investment from China, the US, and various Middle Eastern and European countries, have already had a positive effect on the Malaysian economy.

In comparison, the DAP leader said the rakyat was much worse off when Muhyiddin was prime minister due to a lengthy Covid-19 lockdown, an economic crisis, and prolonged political instability.

Muhyiddin took office in 2020 but was forced to resign in August 2022 after a revolt by Umno MPs left him without a majority in Parliament.

On Tuesday, Muhyiddin criticised Anwar Ibrahim’s handling of the economy, claiming that Anwar cared more about subduing his political opponents than addressing such matters as the rising cost of living and the ringgit’s decline.

The Perikatan Nasional (PN) chairman said the country’s gross domestic product (GDP) only grew by 3.8% according to advance estimates released by the statistics department last week, missing its projection of between 4-5%.

He added that Malaysia’s trade figures have also been on a downward trend since March 2023, and that the withdrawal of subsidies this year, combined with an increase in taxes and electricity tariffs, would have a direct impact on the rising cost of living.

“These are the realities faced by the people. It is more than a year into the Madani government’s administration, and people’s lives are becoming more difficult,” Muhyiddin said.

Meanwhile, Pulai MP Suhaizan Kaiat said the government has introduced various initiatives to ease the public’s burden, but added that they may take time to materialise.

The Amanah leader also said that revitalising the economy was challenging amid ongoing global conflicts.

“Previously, there were no issues of warfare, so now it is more challenging and there is no quick solution. All of this will increase the cost of living.

“For example, what is happening in the Red Sea – the disruptions in the shipping lanes – will lead to an increase in the prices of goods. That is one of the challenges that need to be considered,” Suhaizan added.

The war between Russia and Ukraine, plus a widening conflict in the Middle East and attacks on ships in the Red Sea have affected supply lines, with shippers forced to reroute to avoid danger zones. - FMT