Leiking: US firms set to invest RM6.6bil

​Key projects wit­­hin the electrical and electronics sector, as well as chemical industries, are expected to form the bulk of potential investments worth RM6.6bil from the United States, said International Trade and Indus­try Minister Datuk Darell Leiking

Key projects wit­­hin the electrical and electronics sector, as well as chemical industries, are expected to form the bulk of potential investments worth RM6.6bil from the United States, said International Trade and Indus­try Minister Datuk Darell Leiking.

The investments are being worked on following a recent trade mission to the US earlier this month.

Leiking said there were many American companies, which he refused to elaborate, had expressed interest to invest in Malaysia.

As for trade performance, he said Putrajaya expected growth to be about the same as the previous year.

“But we expect our growth to be the same. Bank Negara Malaysia (BNM) revised a little bit and expects that momentum to continue.

“I don’t see it (trade performance) going down badly because our fundamentals are quite good. Our people are resilient and this government is going to react to the market when necessary,” he said in special interview with several media in conjunction with Pakatan Harapan’s first year as the Federal Government recently.

Leiking played down Bloomberg’s report that Malaysia was the worst performing stock market in the world as he questioned the motives from the way the reports were angled.

He also pointed out that Malaysia was the only country in the region which had seen a change of government in the last five years.

“We are almost a year old. But yet, many news were conflicting. Sometimes they were good and sometimes not so good, just like the news by Bloomberg, which were very specific.

“I would not discount what Bloo­m­berg said, but I would like to know why Malaysia was focused this way. Why is Malaysia their focus?“If they want to improve us, that’s good. But if they want to put other countries over us, then it’s not good,” he said.

Leiking pointed out that the negative news, “like that particular article, encouraged us to find corrective measures. But contrary to what they (Bloomberg) said, a lot of people are coming in. I don’t know why that article was being so specific”.

He was referring to the report on April 16, based on Bloomberg compiled date, which said that foreign investors had dumped Malaysian shares worth more than US$500mil (RM2.066bil) in 2019.

Meanwhile, Leiking said Malaysia seemed to be seen as the hub for a digital free trade zone by many international companies.

“This is because they saw our land mass is big, our security and our airports as well as storage,” he said.

On palm oil trade, Leiking played down the nation’s bleak prospects as he pointed out that such challenges were not new for Malaysia.

“It first started with biodiesel if you remember. Now, it’s gone beyond biodiesel. You can see other countries are already working closely with us,” he said.

Leiking, who kept his cards close to his chest, said that a certain small country had recently invested about 80ha to 120ha of land on oil palm plantation in an African nation.

“This tells you that something is about to happen with palm oil. Maybe products or additives that we never heard of will soon come to the market.

“Malaysia, being one of the largest (palm oil producer) after Indonesia, will be protective of this industry,” he said.

At the same time, the Penampang MP invited the private sector to address the issue of palm oil trade with the government.

“Don’t leave the government alone in this fight. Some (private sector) worked with us and some were maybe a little bit quiet.

“This is the time they can explain to the rest of the world why palm oil is one of the healthiest by-products that they can have,” he said.

Source: The Star 

Posted on : 27 April 2019
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Last Updated : Friday 24th May 2019