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Khairy: Azmin shows shallow knowledge of investment

 | September 14, 2017

The Umno Youth leader says that Malaysia, as an open economy, welcomes foreign investment and also makes investments abroad for the benefit of the country and Malaysians.

Khairy-Jamaluddin-azminKUALA LUMPUR: Umno Youth lambasted Selangor Menteri Besar Azmin Ali for displaying a “shallow knowledge” of investment by criticising Prime Minister Najib Razak for promising to pour money into the American economy during his official visit to Washington.

Umno Youth leader Khairy Jamaluddin said Malaysia’s investment in the US or any other major economy was for the benefit of the country and Malaysians.

He told the opposition it was time for them to practise politics based on ideas and intellect, instead of pursuing popularity using rhetoric and hate.

“The Barisan Nasional (BN) government has long proved we are able to move beyond cheap politics to serve the people by promoting sound economic policies and firm diplomatic relations,” he said in a statement today.

Khairy, who is the youth and sports minister, said that as an open economy, Malaysia welcomed foreign investment and also made investments abroad.

In 2016, he said, Malaysia received foreign direct investments (FDI) valued at RM47.2 billion, 20% higher than the year before.

For the first half of 2017, Malaysia recorded a FDI net inflow of RM25.3 billion in various sectors, in particular, services, manufacturing and mining.

Malaysia also invested overseas every year, both as direct investments and portfolio investmentsn.

“In the second quarter of 2017, Malaysian companies invested, owned and received returns from overseas assets valued at RM1.7 trillion,” said Khairy.

He said the Employees Provident Fund (EPF) had invested nearly US$7 billion (RM29.7 billion) in US equities.

“With the further investment of US$3 to US$4 billion (as announced by Najib), EPF was expected to gain excellent returns from the US markets.

“To date, 20% of EPF’s total assets of RM711 billion are already invested overseas under its diversification plan,” said Khairy.

Yesterday, Azmin was quoted as saying Najib must not mortgage the Malaysian economy just for a photo-op with US President Donald Trump.

He said Najib’s plan to invest up to US$24 billion (RM100 billion) to help “strengthen the US economy” was beyond belief.

“It is most shocking that Najib wants to ‘strengthen’ the largest economy in the world with RM100 billion of Malaysian money. No photo-op is worth that much,” added Azmin.


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