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KUALA LUMPUR, Jan 26 — Foreign investors have lost confidence in Malaysia as an attractive investment destination, PKR Youth claimed today.
Citing the United Nations Conference on Trade and Development (UNCTAD) Report for 2020, its chief Akmal Nasir, in a statement today, pointed out that Malaysia has seen a 68 per cent drop in FDI and only managed to attract US$2.5 billion (RM10.12 billion) in investments.
“Not only that, existing investors like Hyundai Corporation, with thousands of offices in Malaysia, and housing the Hyundai Training Academy are packing it up and moving to Indonesia and have already planned to invest US$1.55 billion (RM4.65 billion) in the local markets till 2030.
“In addition, up to November 27, 2020, data from the Employment Insurance Scheme shows 99,696 workers have been retrenched despite the introduction of the wage subsidy programme and employment retention programme by the government,” said Akmal.
“These are clear indicators that the current situation in the country is dire and that the people are continuing to suffer in the face of this current Emergency and movement control order 2.0.”
In the same statement, Akmal said the Perikatan Nasional (PN) government cannot lay the blame on the pandemic when other Asean nations like the Philippines have not only managed to stem the decline but also recorded an uptick in FDI of 29 per cent last year.
He also urged the government to stop the politicking and infighting, and focus its energy on the Covid-19 pandemic and resuscitating the ailing economy.
The Yang di-Pertuan Agong, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, consented to the proclamation of a nationwide state of Emergency on January 13 as a proactive move to curb the Covid-19 pandemic.