Zafrul Responds After Criticism From European Investors Rep

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Finance Minister Tengku Zafrul Abdul Aziz today stressed that Malaysia remains committed to cooperating with both foreign and local investors alike.
He said this in a LinkedIn post after an earlier article he wrote touting the country's foreign direct investment (FDI) received scorn from the European-Malaysia Chamber of Commerce (Eurocham Malaysia).
In his latest article, Zafrul did not mention Eurocham Malaysia but addressed its chief executive officer Sven Schneider's criticism that the finance minister was only "window-dressing".
"We value all our stakeholders, including our trading partners and the domestic business community.
"There is no window dressing when I say this: last year alone, despite hurdles presented by the Covid-19 situation, between March and December, the Finance Ministry team and myself had directly engaged with more than 125 business-based associations, interest groups and chambers of commerce (both local and foreign), as part of our engagements in creating the four economic stimulus packages, and Budget 2021," he said.
In a separate article yesterday, Zafrul had touted the significant amount of approved FDI Malaysia attracted despite the Covid-19 pandemic.
However, Schneider replied to Zafrul's post, criticising him for allegedly not engaging European investors.
"I am very sorry to make this comment, but representing a sizable community of foreign investors, the European Union, we currently receive a lot of concerns regarding Malaysia as a viable investment destination.
"Until today, the honourable minister was not even able to meet with us and listen to the concerns of our corporations. Without these inputs, your ministry certainly cannot address the problems on the ground.
"Besides, it really needs more than a few nice words and window-dressing," Schneider said.


In Zafrul's latest piece, he stressed that the Finance Ministry had engaged with many business groups.
"Last year, we were pleased to have had meaningful discussions with multiple local and international agencies and business groups, including the American Malaysian Chamber of Commerce, the French Malaysia Chamber of Commerce and Industry as well as the British Malaysia Chamber of Commerce, and held discussions with numerous ambassadors, commissioners and ministers.
"We have not managed to meet every single one, but we are getting there," he added. 
He said the Finance Ministry looked forward to meeting all chambers of commerce and other stakeholders in the country to discuss cooperation, particularly with the International Trade and Investment Ministry and other investment-focused agencies. 
This is to facilitate more investments from trading partners in 2021 and beyond, the minister added.
Zafrul said his ministry continues to welcome suggestions and well-meaning feedback without prejudice.
"I assure you that the government remains committed to working hand in hand with investors, both local and foreign alike, to accelerate the transformation of Malaysia as an advanced nation with inclusive growth and development, by providing a conducive and favourable environment to attract businesses," he said.
Zafrul's full article can be found here. - Mkini

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