Wednesday, March 24, 2021

Azmin eff-ing up economy and investment, as before

Malaysiakini:



Why are investors leaving then? - PKR man asks Azmin

Opposition politician Lee Chean Chung has urged Perikatan Nasional to disclose the real reason behind why multinational companies are leaving Malaysia.

Lee (photo, above) was unconvinced by International Trade and Industry Minister Azmin Ali’s stance that Malaysia was simply becoming “more selective” in its investment agenda.

“Why is it (when) Azmin is talking about quality investments being established, quality multinational corporations (MNCs) are leaving?

“It is even more unfortunate that until today, the public has not heard any statement or clarification from the PN government regarding their reasons for leaving and additional remedies to address the issue,” the PKR treasurer-general said in a statement today.

The Edge previously reported that US technology MNC IBM will be shutting down its Global Delivery Centre in Cyberjaya at the end of May, seven years after it opened.

It estimated more than a thousand jobs would be lost.

Last November, German technology firm T-Systems sold off its Malaysia business to a private investment holding company. This reportedly cost 800 jobs.

The UN Conference on Trade and Development (UNCTAD) previously reported that Malaysia suffered the worst drop in foreign direct investment in Southeast Asia in 2020.

The Semambu assemblyperson compared these developments to neighbouring countries Vietnam, Indonesia and Singapore, where he observed the nations continuing to receive strong foreign investment.

“Azmin and PN’s state-of-denial does not help the government to acknowledge our inherent structural weaknesses [...] and to identify new growth opportunities to propel the nation to the next level.

“Sugar-coating statements will not help because investors can simply vote with their feet,” he remarked.

Yesterday, Azmin denied that Malaysia was losing out on foreign investment from MNCs to other Southeast Asian countries.

The minister explained that the government was shifting away from “labour-intensive” industries which relied heavily on foreign workers.

Instead, he said Malaysia wanted to focus on “quality” investments that would benefit Malaysians, sharing that the government was in talks with global technology giants Microsoft, Google and Amazon to build data centres here.

“We would like to welcome foreign investments that can create value (for) the local players. We do not want any future investments that are tied to labour intensive (industries); that is not our priority now. They can choose other countries,” Azmin was quoted as saying by The Edge.

Last December, international ratings agency Fitch downgraded Malaysia’s long-term foreign-currency issuer default rating from A- to BBB+, citing political uncertainty following the Sheraton Move political coup as one of the factors.

Just yesterday, it again expressed concern that political instability was weighing down the ringgit and revised its 2021 average RM/US dollar exchange rate forecast from RM4.05 to RM4.15.

6 comments:

  1. Assmin has obviously got his front end up his backend.

    Data centers for Amazon, Google and Microsoft DO NOT need high numbers of employees. Maybe 30-50 at most. Why would these companies want to come here....? Cheap land, cheap electricity, tax incentives and yes cheap Malaysian engineers and technicians, about 10 of them, maybe, the rest would be Indonesian cleaners and Nepalese security guards.

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  2. we reject unislamic investment. we welcome rohingya investment.

    ReplyDelete
    Replies
    1. Formosa is dying for foreign investments.

      Talk to yr 蔡妹妹 about this rohingya source u have. New money with dirt cheap labours to do works that those newly minted 娘娘腔 katak-ised youths won't want to participate.

      Help to remove the excess pineapple cloging at the warehouses too.

      Delete
    2. Formosa annual GDP per Capita 2020 - $ 55,000
      Mainland- annual GDP per Capita 2020 $ 10,000

      CCP growth rate 2021 expected 6%
      Formosa growth rate 2021 expected 4.5 %
      At this rate CCP will "Never" catch up by natural means.... no wonder they are looking at Shotgun Reunification.

      Delete
    3. Wakakakakaka…

      U know economic matrices?

      Or u just want to fart about yr know-nothingness?

      If the just implemented 穷台 policies continue, Formosa would have no growth within 3 yrs!

      But how do u know. U only read farts permeating from the fart filled well!

      Delete
  3. Assmin really can play with words.

    It is as though Malaysia has that many potential investors that we can be very selective.

    Be selective, yes, but be realistic too.

    More importantly, what is being done to attract new and "quality" investors and retain those already here?

    ReplyDelete