Efforts to place country back on right footing becomes pull factor to investors

LONDON: The Pakatan Harapanled government’s effort to mend the damages done under the previous administration and to place the Malaysian economy back on its right footing has become a pull factor for foreign investment, says Prime Minister Tun Dr Mahathir Mohamad.

Foreign investors have said that it was only natural for them to be concerned over the critical state of affairs brought about by the huge debt borne by Malaysia, but the premier explained that the government was now restoring the situation including reducing loans.

“The country is on the recovery path and will ( subsequently) have a good investment climate. After the recovery, (Malaysia) will be more conducive for investments,” he told Malaysian journalists on Monday before ending the second leg of his working visit to the United Kingdom.

While in London, Dr Mahathir met several businessmen, based in the United Kingdom, including those already operating in Malaysia.

The prime minister also disclosed that several foreign investors were shocked when told that Malaysia’s debt was reported to have breached RM1 trillion but Dr Mahathir explained to them about government efforts being made to turn around the country’s finances.

“I explained that the government has managed to reduce the debt level and the situation was very conducive for new investments now. Malaysia likes to have very cordial relations with the private sector as we consider them a partner in developing the country,” he added. — Bernama