MAKING PROTON GREAT AGAIN
Economically illiterate to think it will lead to loss of sovereignty, says PM
DRB-Hicom and Geely seek to bring back Proton’s glory days by making it the No. 1 automobile brand in the nation and one of the top three brands in the region. At the signing ceremony between both firms, Prime Minister Datuk Seri Najib Razak unveiled Proton’s first sports utility vehicle, the Geely Boyue. He says
the government had to rescue Proton due to the unrealistic dreams of the firm's 'former chief tester'.
FOREIGN direct investment (FDI) will not lead to loss of sovereignty, said Prime Minister Datuk Seri Najib Razak.
“There are some who are trapped in the old ways of thinking, who play on baseless fears about foreign investment leading to loss of sovereignty,” he said without making reference as to the identity of the critics.
“That will never happen on my watch. But in any case, that view is economically illiterate.
“Rejecting FDI for ill-informed and sometimes frankly racist reasons would only lead to the impoverishment of Malaysians and the erosion of our competitive edge.”
Najib, who is also finance minister, said this at the signing of the definitive agreement between DRB-Hicom Bhd and Zhejiang Geely Holding Group Co Ltd.
The agreement will see Zhejiang Geely take a 49.9 per cent equity in Proton Holdings Bhd worth RM460.3 million.
Najib said Malaysia stood open to foreign investment.
This, he said, was because the nation, its people and partners would benefit from the creation of jobs, new technologies and boosting of the country’s export value. The increased trade was not a zero-sum game, but one in which all could benefit.
Najib said the confidence other nations had in Malaysia was evident in it being declared as a clear frontrunner in a list of preferred investment destinations.
He cited a report co-authored by the Wharton School at the University of Pennsylvania earlier this year, which said that Malaysia was the “best place to invest in”.
That confidence, Najib said, was also evident in the new partnership between DRB-Hicom and Zhejiang Geely, which could see Proton become one of the leading automotive manufacturers in Southeast Asia and one of Malaysia’s great exports to the region.
“That would represent a win for Proton, owners, the Malaysian economy and the hundreds of thousands of Malaysians who would benefit from it.”