Umno leader questions Perikatan govt over dismal FDI record
PUTRAJAYA: An Umno leader has questioned the Perikatan Nasional government over the dismal foreign direct investment (FDI) record which saw figures plunge drastically over the past three years.
Federal Territories Umno chief Datuk Seri Johari Abdul Ghani said that in 2017, Malaysia’s FDI stood at US$13.5bil (RM56bil) but in 2020 the amount recorded was merely US$2.5bil (RM10.37bil).
On the other hand, he said other countries in the region recorded healthy growth, such as Indonesia.
According to United Nations Conference on Trade and Development (UNCTAD) figures, Indonesia registered 14% FDI growth between 2018 and 2019 and its decline during the pandemic in 2020 was only 24% against Malaysia’s decline of 68%.
“A minister commented on this and his argument was that the low FDI figures were because of the Covid-19 pandemic.
“Are you telling me that there is no Covid-19 in Indonesia and that is why they have more FDI than us?” he questioned during the debate on the presidential speech.
Johari said that not only are the FDIs low, but major companies that have been operating in Malaysia for years were also starting to pull out.
He said that during the Barisan Nasional regime, the government weathered several financial and economic crises because of political stability.
“It boils down to stability. We had a coalition that represents the races and ethnicities in the country.
“Our working formula resulted in stability. Barisan’s history and track record cannot be denied, ” he said.
He also said Barisan could remain stable because it has an anchor in Umno.
Johari also hit out at Umno leaders who abandoned the party after it lost the general election in 2018 and also those who, after being given government posts, had made themselves “spokesmen” for Bersatu or Perikatan Nasional.
“We won 13 elections and lost only one. DAP and PKR lost in so many elections and won only one. But their members and leaders did not abandon ship. They remained steadfast in the party.
“But unfortunately, this is not the case with Umno. We have leaders who left us when we lost power, ” he said.