Govt transparency, accountability beneficial to foreign investors

KUALA LUMPUR: Foreign investors should understand that the government’s stance on transparency and accountability will benefit their investments here, says Asian Strategy and Leadership Institute Senior Adviser for International Affairs Dr Oh Ei Sun.

He said investors should realise that the government was trying its best to be truthful and realistic on the country’s true financial situation, which was covered up by the previous administration.

“The tremendous amount of guarantees and obligations undertaken surreptitiously by the previous administration resulted in most of the proceeds either being siphoned away for private gains through ingenious nefarious international financial methods.

“So, foreign investors should be thankful to the government for leaving no stone unturned when it comes to kleptocratic undertakings,” he told Bernama News Channel yesterday in response to claims that statements by both Finance Minister Lim Guan Eng and Economic Minister Datuk Seri Azmin Ali failed to instil confidence in the Malaysian economy, prevent investors from pulling out their funds or encourage more investments into the country.

They said Lim’s statement on the previous government’s financial data was inaccurate and Azmin’s remarks to foreign media that the country’s economy was in a mess would drive away investors.

“Foreign investors must make a clear distinction between the current government’s revelation of the true and difficult financial situation which resulted from the concealed excesses of the previous administration on one hand and the strong economic fundamentals of the country, as a whole, on the other.

“They should not confuse between the two and summarily rate Malaysia negatively when it comes to investment choices as otherwise, it will be to their own detriment by failing to participate in perhaps the latest and greatest economic renaissance story in Southeast Asia,” the analyst said.