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 Business

Malaysia remains an attractive FDI destination

10th July, 2018

KUALA LUMPUR: Malaysia, under the new government led by Pakatan Harapan, shall continue to draw an inflow of foreign direct investment (FDI), said Country Heights Holdings Bhd (CHHB) founder and chairman, Tan Sri Lee Kim Yew.

Lee said that despite the changes following the 14th General Election, Malaysia remains an attractive location to start a business based on the country’s low capital cost.

“Malaysia is very attractive in terms of property development. To start a business, the capital cost, especially in the property sector, is very important. Regionally, property in Malaysia can still be considered cheap.

“As long as the government continues with policies that favour FDI, I believe the future is good,” Lee told reporters on the sidelines of Asean Disruptive Leadership Summit (ADLS 2018), here, on Monday.

Lee also said that skills-based talents have superseded cheap labour as a factor in making decisions on investments.

“Cheap labour is no longer important. Malaysia must attract talents. Besides (developing it) through our education system, I am happy when the prime minister announced that the government is willing to consider giving citizenship to those with IT expertise,” he said, adding that some overseas Malaysian talents are willing to return.

Meanwhile, Lee urged the local private sector to take advantage of the nation’s multiculturalism and embrace changes, as well as to persevere and expand their business further.

“Private sector must continue to be innovative for further progress. We must embrace technology to connect with the world, use Malaysia as a platform, keep our root here, and expand regionally and globally,” he added.

A public-listed conglomerate at Bursa Malaysia since 1994, CHHB has a combined asset of over US$450 million as at Dec 31, 2017. (US$1 = RM4.03).

Besides property development, CHHB has diversified its activities to include healthcare, event planning, education and tourism. –Bernama

   
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