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Tuesday, 8 August 2017

Near-sighted approach Chinese FDI would be economy-sense a foolish: PM Malaysia.

Image result for Datuk Seri Najib Razak while speak

Malaysia: Turning away foreign direct investment (FDI) from China, as suggested by the opposition, makes no economic sense to the country.

Prime Minister Datuk Seri Najib Razak said such a near-sighted approach to the country's economy would only put Malaysia in a bind.

"China is the world's second-largest economy and a trading nation that is looking increasingly outwards.

"So it makes no economic sense for Malaysia to turn away Chinese FDl, as some politicians are suggesting," he said before launching the National Chamber of Commerce of Industry of Malaysia Economic Forum 2017.

He added that such a myopic and narrow-minded view betrays a fundamental misunderstanding of economics, which would only spell doom for Malaysia.

Najib backed his argument with a report from the Statistics Department for the first quarter of 2017, which shows that investment from China represents merely 2 per cent of total FDI stock In Malaysia.

"Let me also make it clear that the government will not compromise the country's sovereignty one inch.

"They are scaremongering and spreading lies for their own selfish political reasons. They do not have the good of Malaysia and its people at heart."

China is Malaysia's largest trading partner, while Malaysia is China's eighth-largest trading partner, and the second-largest in Asean.

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