Better for all investment promotion agencies to be under one roof, trade minister says

10-Oct-2018 Intellasia | Malay Mail | 6:00 AM Print This Post

International Trade and Industries minister Darell Leiking plans on putting government agencies tasked with promoting investments under one roof instead of competing and cannibalising one another.

During a dialogue at the “Malaysia: A New Dawn” conference today, Leiking admitted the current model, which features around 30 to 40 agencies promoting investments, was “inefficient”.

“I would like to redo how these agencies work. It would be really good for Malaysia to have a singular place or body that can decide on incentives and perks for investors. If we have our own agencies competing or deciding against each other, it is not healthy.

“In fact, investors will be bargaining (for the best incentives). In a government we need a singular decision. So if there is one agency or body that has a combination of agencies deciding in way of investment, that is the way forward,” said Leiking.

The minister said this is one of the issues he had uncovered over the past two months which worries him.

Touching on the trade war between the United States and China, Leiking said although Malaysia and Asean as a whole should not take advantage of “other people’s problems” there are still opportunities in investments and new trade.

“Those who deal with US or China will have to come to a decision. There is an opportunity for them to come to the Asean region. The most obvious port of call is Malaysia.

“We have the people and population and when we add the (650 million) Asean population, it’s a huge population. That particular diversion will happen towards us. In fact, it has already started a lot of people not going to US or China are looking at us,” he said.

He was confident that coupled with the message of a united Asean bloc from prime minister Tun Dr Mahathir Mohamad, many Asean ministers are excited over the possibility.

He added that the upcoming Asean talks in Singapore in November will also reflect this with the closest possible plan currently being the Regional Comprehensive Economic Partnership (RCEP).

On the proposed new national car, Leiking reaffirmed that it will be driven by the private sector and he hopes the car will be an “Asean” car instead of being just a “Malaysian” car.

Sharing Dr Mahathir’s vision, Leiking believes it will be the product which will unify the whole of Asean with its member nations providing various components or parts for the car.


Category: Malaysia

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