Malaysia: Election delay daunts investors

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Abdul Kadir Sheikh Fadzir, founder of Parti Ikatan Bangsa Malaysia

The current uncertainty about the date for Malaysia’s general election is frightening off investors and businesses from executing projects, costing the country “billions of ringgit”, an opposition politician said.

Abdul Kadir Sheikh Fadzir, founder of the Parti Ikatan Bangsa Malaysia (Ikatan) and former prominent member of Malaysia’s largest party United Malays National Organisation (UMNO), said that Prime Minister Najib Tun Razak’s delay in announcing the general election has scared investors, distracted leaders from public service and lost the country significant revenue.

“Because of this uncertainty created, I heard a lot of investors who wanted to come to the country started postponing things until they are sure of the election results,” Kadir was quoted as saying by Free Malaysia Today.

Fadzir, who is also executive chairman of property development group Sazean Holdings Sdn Bhd, said that in addition to declining investments, the country is also losing out on government projects because of the uncertainty.

He added that Najib should take advantage of his “political transformation programme” to change the laws and allow for a fixed-term government to avoid future delays and uncertainty in the polls date.

Domestic investments were the main driver of  $46 billion of private investments in Malaysia in 2012, accounting for 78 per cent of the total investments approved, while the remainder of 22 per cent came from foreign sources, according to data provided by the International Trade and Industry Ministry.

Foreign direct investments in 2012 were around $10 billion, lower than the $10.8 billion flowing in during 2011. For 2013, the government had initially said it expects up to $12 billion in foreign direct investment.

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Reading Time: 2 minutes

Abdul Kadir Sheikh Fadzir, founder of Parti Ikatan Bangsa Malaysia

The current uncertainty about the date for Malaysia’s general election is frightening off investors and businesses from executing projects, costing the country “billions of ringgit”, an opposition politician said.

Reading Time: 2 minutes

abdul-kadir-sheikh-fadzir
Abdul Kadir Sheikh Fadzir, founder of Parti Ikatan Bangsa Malaysia

The current uncertainty about the date for Malaysia’s general election is frightening off investors and businesses from executing projects, costing the country “billions of ringgit”, an opposition politician said.

Abdul Kadir Sheikh Fadzir, founder of the Parti Ikatan Bangsa Malaysia (Ikatan) and former prominent member of Malaysia’s largest party United Malays National Organisation (UMNO), said that Prime Minister Najib Tun Razak’s delay in announcing the general election has scared investors, distracted leaders from public service and lost the country significant revenue.

“Because of this uncertainty created, I heard a lot of investors who wanted to come to the country started postponing things until they are sure of the election results,” Kadir was quoted as saying by Free Malaysia Today.

Fadzir, who is also executive chairman of property development group Sazean Holdings Sdn Bhd, said that in addition to declining investments, the country is also losing out on government projects because of the uncertainty.

He added that Najib should take advantage of his “political transformation programme” to change the laws and allow for a fixed-term government to avoid future delays and uncertainty in the polls date.

Domestic investments were the main driver of  $46 billion of private investments in Malaysia in 2012, accounting for 78 per cent of the total investments approved, while the remainder of 22 per cent came from foreign sources, according to data provided by the International Trade and Industry Ministry.

Foreign direct investments in 2012 were around $10 billion, lower than the $10.8 billion flowing in during 2011. For 2013, the government had initially said it expects up to $12 billion in foreign direct investment.

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