Malaysia's investment story remains undersold

KUALA LUMPUR: MALAYSIA'S investment story remains an `under sold' one until development plans are executed, according to foreign businesses which have been in the country for decades.

Education and manpower issues continue to remain the main concerns of foreign investors in Malaysia, most of who have been attracted to the country due to its uniqueness.

HSBC Bank Malaysia Bhd CEO Mukhtar Hussain, who spoke at the CEO Debate 2011 organised by the Malaysian International Chamber of Commerce and Industry yesterday said the test of any plan is not `how elaborate' it is but carrying out its intent.

“Getting the right talent and being prepared to address bureaucratic blockages should be the focus of the leadership.”

The Economic Transformation Programme is well calibrated and detailed in defining the valued contribution to the country's growth and also reflects the government's commitment.

“It is important that the momentum is demonstrated at least through half a dozen projects taking off.”

His view was shared by Nestle (Malaysia) Bhd managing director Peter Vogt who likened the execution of an economic development plan to that of businesses – 10 per cent spent in planning with the rest in execution – as an indication of how well it is implemented.

Mukhtar and Vogt were among the four prominent international CEO who joined International Trade and Industry Minister Datuk Seri Mustapa Mohamed at the debate.

The other two were ExxonMobil Subsidiaries in Malaysia chairman Hugh Thompson and Tesco Stores (M) Sdn Bhd Tjeerd Jegen.

Although the experience of these foreign investments have been positive in Malaysia, Mukthar observed that Malaysia, being located in the `best neighbourhood', should now reach out to Asian giants China and India as well as regional neighbours in ASEAN to tap for foreign investments.

HSBC Bank, which has been in Malaysia for more than 120 years, believes that it needs to grow indigenous talent in the country of operation and enable its employees to enjoy global careers.

ExxonMobil also believes in the concept of being an `embedded fabric' in a country and toward this end, has an 90 per cent Malaysian employment in its operations here.

Thompson and Jegen stressed on the role of education in developing the right people for the job in oil and gas as well as retail businesses respectively.

MICCI president Charles Ireland said investors would like to see a continued shift towards a open and liberal business environment, with a level playing field for all businesses

Mustapa, in response to the comments, said 50 per cent of the projects announced under the ETP has taken off, generating about 400,000 jobs.

In a few weeks' time, the improvements to the mammoth public transport plan for Kuala Lumpur will be announced.

Mustapa urged foreign investors, whose businesses have been enjoying stronger growth through the government's openness of policies and plans, remain patient as the development plans are rolled out.

Pemandu (Performance Management and Delivery Unit), has also been monitoring the progress of the economic transformation programme