Guan Eng disputes Azmin’s claim that Malaysia is most attractive destination for foreign investments, urges him to give full disclosure

KUALA LUMPUR, Jan 29 — DAP secretary-general Lim Guan Eng today disputed a claim made by International Trade and Industry Minister Datuk Seri Azmin Ali yesterday, where the latter said that Malaysia is one of the most attractive destinations for foreign investments in 2022.

In a statement today, Lim said that Azmin — who had made the claim based on a report by research organisation Milken Institute — should have been clearer about the facts.

“Azmin should have practised full disclosure by revealing that the Milken Institute did not include Singapore in their study, even though Singapore is a member of Asean and geographically located in South-East Asia,” Lim said.

“In 2020, Malaysia recorded US$3 billion (RM12.57 billion) in foreign direct investments (FDI) as compared to Singapore’s FDI of US$91 billion, Indonesia's US$19 billion, Vietnam’s US$16 billion, and even Cambodia had higher FDI than Malaysia at US$3.6 billion.

“What will Azmin do if Malaysia fails to exceed all these countries in 2022?” he added.

Yesterday, Azmin said that the report by the Milken Institute — called the Global Opportunity Index 2022 — had named Malaysia as the best performing country among the region’s largest economies.

Azmin then used this announcement to convey that the government is doing well in its bid to promote Malaysia as a top-tier investment destination and secure FDIs.

This contradicts the recent announcement by former Prime Minister Tan Sri Muhyiddin Yassin that more should be done to make Malaysia more attractive and competitive with our neighbouring country.

“Azmin appears to imply that being the most attractive investment destination in South-East Asia would allow Malaysia to record the highest investments in Asean,” said Lim.

Lim added that a more detailed analysis of the Milken Institute study will be conducted and announced after the Chinese New Year by DAP leaders.

Lim also chastised Prime Minister Datuk Seri Ismail Sabri Yaakob’s announcement yesterday that the government will not approve increased electricity tariffs for domestic users next month.

Ismail’s announcement contradicted a statement made by Energy and Natural Resources Minister Datuk Seri Takiyuddin Hassan, who just a day earlier said that the new tariffs rates would be implemented starting February 1.

“This is clearly a government not deserving of the people’s mandate with confused decision-making, policy flip-flops and loss of investor confidence,” he added.