Malaysia-China trade group to submit ECRL report to CEP in fortnight

Tan said the recent anti-corruption raids involving key personalities from the previous government would help increase confidence among foreign investors. Malaysia China Chamber Commerce president Tan Yew Sing speaks to reporters at the entrance of the Ilham Tower on May 24, 2018. — Picture by Ahmad Zamzahuri
Tan said the recent anti-corruption raids involving key personalities from the previous government would help increase confidence among foreign investors. Malaysia China Chamber Commerce president Tan Yew Sing speaks to reporters at the entrance of the Ilham Tower on May 24, 2018. — Picture by Ahmad Zamzahuri

KUALA LUMPUR, May 24 — The Malaysia China Chamber of Commerce (MCCC) is expected to submit an evaluation of the East Coast Rail Link (ECRL) project to the Council of Eminent Persons in two weeks’ time.

MCCC president Tan Yew Sing told reporters that this was one of the outcomes of their meeting today, but declined to reveal further details of said report.

However, he alluded that the report would possibly gather the sentiments from grassroots-level businessmen on the project that will purportedly cost more than RM66 billion.

“Today we were asked to give our point of views on China-related investments, but it was just done verbally.

“The ECRL was discussed but we are supposed to submit a report on it, among other investment projects, to be submitted to the Council shortly.

“No time frame was given but we will check back with the Council’s secretariat probably the submission is within one or two weeks,” he told reporters when met at the Ilham Tower lobby today.

Tan said the recent anti-corruption raids involving key personalities from the previous government would help increase confidence among foreign investors as it signifies a “clean-up” and demonstrates the new administration’s stance on corruption.

“Corruption is a business cost that nobody likes. If a country can have judiciary independence and I wouldn’t say zero but minimal corruption, foreign investors will definitely like it.

“All they seek for is a stable political situation and favourable investment environment. In the long run, Malaysia’s landscape is going to get more competitive,” he said.

Tan also said that the MCCC expects to see a drop in prices of goods after Goods and Services Tax (GST) is zero rated on June 1.

Among the topics discussed with the Council led by former Finance Minister Tun Daim Zainuddin was MCCC’s stand on the types of investments that are welcomed in the country.

“Investments are important but it must be beneficial to the country, involving local resources, local technology and potential technology transfer,” he said.

The Council will be briefed by five other industry players today in their daily meetings which have been going on at the Ilham Tower since their establishment on May 12.

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