Foreign investment likely to increase with new leadership in Malaysia

Foreign investment likely to increase with new leadership in Malaysia

Malaysia economy
File photo. (Photo: AFP/Mohd Rasfan)

KUALA LUMPUR: Foreign investments in Malaysia are expected to increase based on investors’ confidence in the new Pakatan Harapan (PH) government led by Tun Dr Mahathir Mohamad, said Malay Chamber of Commerce Malaysia Research and Development Foundation chairman Dr Syed Ali Alattas.

He said the chamber fully supports the new Federal Government leadership and hoped for good governance, transparency and corruption free practices to create trust among foreign investors investing in the country.

"The confidence of international investors in Malaysia in various industries will be able to advance the nation, as well as provide job opportunities for young people.

"They (investors) will not invest in a country which is not very stable," he told Bernama.

Commenting on the Pakatan Harapan manifesto, which among others, promises to abolish the Goods and Services Tax (GST) and restore the Sales and Service Tax (SST), Syed Ali said the plan was realistic and feasible.

"I'm confident that Tun understands the situation and the environment better, as he has the experience, he knows how to make it better. So us entrepreneurs, need to work together and work hard to help improve the country's economy," he said.

Dr Mahathir was sworn in as Prime Minister on Thursday (May 10) after PH won 135 out of 222 parliamentary seats in the 14th General Election to form a new Federal Government.

Meanwhile, Asia Institute Tasmania director Prof James Chin believed that PH would be able to deliver on their manifesto, including promises to abolish the GST and provide targeted fuel subsidies.

"They are able to work on most of them. All these can be easily done at the bureaucratic level," he told Bernama, adding that the return of Dr Mahathir was a historic moment not only for Malaysia, but also the world.

"In terms of world history, I do not know of another Asian leader who has come back to power some 15 years later (after retirement) using an opposition party through the ballot box. Dr Mahathir is truly a remarkable character," he added.

Source: Bernama/aj