Potential BlackRock withdrawal could hit Malaysia’s investment and job market, says Tengku Zafrul
Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Aziz speaks during Minister’s Question Time at Parliament June 27, 2024. — Bernama pic
Thursday, 27 Jun 2024 12:59 PM MYT
KUALA LUMPUR, June 27 — Malaysia will face significant negative impacts if BlackRock Inc withdraws its investments from the country, Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Aziz has warned.
BlackRock Inc holds shares in several multinational companies (MNCs) listed in Malaysia, contributing to the country’s investment and job creation efforts, Tengku Zafrul said.
“BlackRock is a shareholder in several MNCs operating in Malaysia, including Microsoft, Boeing, Intel, and Texas Instruments. These companies contribute to the development of industries and states through various investment projects,” he said.
“This includes the semiconductor industry in Penang, Infineon Technologies in Melaka and Kedah, Texas Instruments in Melaka and Kuala Lumpur, and Boeing’s subsidiary Aerospace Composites Malaysia in Kedah.
“In terms of job creation, Microsoft, which invested RM32 billion, created over 10,000 jobs; Texas Instruments, with RM13 billion, hired 2,000 employees; Boeing, with RM300 million, hired 900; and ROHM (ROHM-Wako Electronics Malaysia) invested RM3 billion in Kelantan, hiring 2,000 workers.
“So, to answer your question, Yang Berhormat Bagan, if BlackRock Inc withdraws its investments from Malaysia, it will clearly have a negative impact on our investment agenda,” Tengku Zafrul told Parliament during Minister’s Question Time today.
Tengku Zafrul was responding to DAP’s Bagan MP Lim Guan Eng, who asked the government to state the total investment by BlackRock or its affiliate companies in the country, by state, and the economic impact if all BlackRock investments over the past few decades were withdrawn.
He further explained that while the Ministry of Investment, Trade and Industry (Miti) has no direct dealings with BlackRock Inc, it deals with companies like Microsoft and Intel, not the shareholders of these companies, including BlackRock Inc.
“From the ministry’s standpoint, we have no dealings with BlackRock Inc. Our dealings are with companies like Microsoft and Intel; we have no dealings with the shareholders of these companies,” he clarified.
When asked if Malaysia could face backlash from companies with BlackRock Inc as their investors, Tengku Zafrul reiterated there are no dealings with shareholders, including BlackRock Inc.
“We have no policy to stop companies that have BlackRock as their shareholders. We don’t have a policy for that now,” he added.
Yesterday, Prime Minister Datuk Seri Anwar Ibrahim reiterated that there are no talks about selling the national carrier.
Instead, he mentioned that with Global Infrastructure Partners (GIP) on board — a company recently acquired by BlackRock Inc — shares held by the Employee’s Provident Fund and Khazanah Nasional in Malaysia Airports Holdings Berhad (MAHB) have increased.
It was reported that the share deal between MAHB and GIP will result in GIP holding 30 per cent of the former.
Thursday, 27 Jun 2024 12:59 PM MYT
KUALA LUMPUR, June 27 — Malaysia will face significant negative impacts if BlackRock Inc withdraws its investments from the country, Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Aziz has warned.
BlackRock Inc holds shares in several multinational companies (MNCs) listed in Malaysia, contributing to the country’s investment and job creation efforts, Tengku Zafrul said.
“BlackRock is a shareholder in several MNCs operating in Malaysia, including Microsoft, Boeing, Intel, and Texas Instruments. These companies contribute to the development of industries and states through various investment projects,” he said.
“This includes the semiconductor industry in Penang, Infineon Technologies in Melaka and Kedah, Texas Instruments in Melaka and Kuala Lumpur, and Boeing’s subsidiary Aerospace Composites Malaysia in Kedah.
“In terms of job creation, Microsoft, which invested RM32 billion, created over 10,000 jobs; Texas Instruments, with RM13 billion, hired 2,000 employees; Boeing, with RM300 million, hired 900; and ROHM (ROHM-Wako Electronics Malaysia) invested RM3 billion in Kelantan, hiring 2,000 workers.
“So, to answer your question, Yang Berhormat Bagan, if BlackRock Inc withdraws its investments from Malaysia, it will clearly have a negative impact on our investment agenda,” Tengku Zafrul told Parliament during Minister’s Question Time today.
Tengku Zafrul was responding to DAP’s Bagan MP Lim Guan Eng, who asked the government to state the total investment by BlackRock or its affiliate companies in the country, by state, and the economic impact if all BlackRock investments over the past few decades were withdrawn.
He further explained that while the Ministry of Investment, Trade and Industry (Miti) has no direct dealings with BlackRock Inc, it deals with companies like Microsoft and Intel, not the shareholders of these companies, including BlackRock Inc.
“From the ministry’s standpoint, we have no dealings with BlackRock Inc. Our dealings are with companies like Microsoft and Intel; we have no dealings with the shareholders of these companies,” he clarified.
When asked if Malaysia could face backlash from companies with BlackRock Inc as their investors, Tengku Zafrul reiterated there are no dealings with shareholders, including BlackRock Inc.
“We have no policy to stop companies that have BlackRock as their shareholders. We don’t have a policy for that now,” he added.
Yesterday, Prime Minister Datuk Seri Anwar Ibrahim reiterated that there are no talks about selling the national carrier.
Instead, he mentioned that with Global Infrastructure Partners (GIP) on board — a company recently acquired by BlackRock Inc — shares held by the Employee’s Provident Fund and Khazanah Nasional in Malaysia Airports Holdings Berhad (MAHB) have increased.
It was reported that the share deal between MAHB and GIP will result in GIP holding 30 per cent of the former.
Is the minister hyper-ventilating at the consequences to himself and the people in it by disguising it as threat to Malaysia?
ReplyDeleteThat half-breed blue blood is a member of WEF.
DeleteI bet BlackRock is already preparing Plan B and Plan C for derisking fully or partially from Malaysia due to an increasingly hostile Religio-Political climate.
ReplyDeleteAs a Developing Country still much in need of FDI, Malaysia has more to lose, though many Melayu will be screaming Good Riddance to Yahudi.
My Melayu contacts, when asked about GIP and Blackrock investments in Malaysia shout "pergi mampus Yahudi".
Wakakakaka…
Delete"We are a trading nation. We cannot afford for others to view us as leaning towards the right or left. We want to be friends with everyone. This is the basis of our foreign policy, which is diplomacy, with trade our top priority”
- foreign minister Mohamad Hasan
Ditto too with that blurred zafrul!
Mfer, u obviously have mixed with the wrong melayu.
CCP Moron will, of course, be incapable of understanding the poisonous toxic attitudes the overwhelming majority Melayu have towards Yahudi.
DeleteThey have been indoctrinated from birth.
Ooop… like u most of them r just blur-sotong-ish followers that count for NOTHING in the whole scheme of bolihland politics!
DeleteBlackRock owns 8% of Intel, one of its largest shareholders.
ReplyDeleteIntel is worth Billions of Dollars of Exports annually to the Malaysian economy.
The Intel ecosystem - Intel directly, their suppliers, their contractors , their service providers, THEIR suppliers - you know about secondary amd tertiary economic impacts ? - overall generate economic activity that employs tens of thousands of Malaysians in Penang and Kedah.
You want to kick Israel-linked Intel out of Malaysia ?
Talk about self-destructive behaviour.