AmCham: Transparency, openness are key qualities
KUALA LUMPUR: The current government has set itself apart from the past administration by being more transparent and open to a collaborative working environment, says American Malaysian Chamber of Commerce (AmCham).
These were the key attributes that could help Malaysia catch up with advanced economies such as Singapore and Hong Kong, in attracting foreign direct investments (FDIs), it said.
“Malaysia is in a very strong position and it is a very resilient country. It’s time to build upon it and make sure that the environment is welcoming to businesses,” AmCham president Ramzi Toubassy told the New Straits Times. He said although Malaysia had always been businessfriendly, AmCham had never had the ease of access to the government in the past.
“I think the new government has been (more) open to a collaborative model of working... It’s more receptive to questions and more likely to reach out and understand something that is evolving,” he added.
Toubassy said Malaysia was a good country to invest in but had been lagging behind advanced economies, such as Singapore and Hong Kong, in drawing FDIs because of transparency.
“When the government issued policies without consultation, their implementation becomes problematic because it does not really understand what and how it is going to come into conflicts in the business model,” he said.
Toubassy said failure to “listen” was another factor that would create uncertainties, which would in turn discourage or push investments away to other emerging competitors.
“The emerging competitors for Malaysia are going to be Indonesia and Vietnam. I see Indonesia being the bigger competitor because the country is very similar to Malaysia in a way. Currently, they (Indonesia) are behind in terms of technology and infrastructure.
“So, this is the right time for Malaysia to be open to a more collaborative working environment, otherwise United States companies may think of moving away to Indonesia,” he added.
He said US companies already based in Malaysia were reaffirming their commitments to the country with major investments in the pipeline.
For example, MetLife had nearly US$1 billion (RM4.14 billion) invested in Malaysia, — about US$500 million in government bonds and government related entities, said Toubassy, who is also AmMetLife Insurance Bhd chief executive officer.