Relook some policies to attract more quality FDI, World Bank tells Malaysia

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KUALA LUMPUR: It is timely for Malaysia to relook at some of its policies and to rebuild them towards attracting more quality investments into the cou...

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It is timely for Malaysia to relook at some of its policies and to rebuild them towards attracting more quality investments into the country that at the same time would provide more jobs for the people, according to the World Bank Group.

Record was responding to a question on how Malaysia could attract more foreign direct investment to catch up with some other countries within the region. Net foreign investment totalled RM13.9 billion in 2020, down from RM31.7 billion in the previous year, according to a report published by the Malaysian Investment Development Authority.

“What Malaysia is lacking compared to other countries are in the area of starting a business and in terms of its own insolvency framework. Perhaps these are two areas where Malaysia can do more to enhance the ability of investors to come in, and also to protect the investments once the investors put their money in the country,” he said.

Firas noted that even in its earlier report released in December 2020, the World Bank has projected a positive growth rate for 2021 which is 6.7%.

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