KUALA LUMPUR – May 24, 2018: The Malaysian Chinese Chamber of Commerce has observed that investors from China are keeping a close eye on the newly elected Pakatan Harapan federal government.
In this regard, the Pakatan government needs to prove that it is better than the previous Barisan Nasional government in order to have investors’ confidence.
“Some of them (investors) have yet to return here but I’m confident they will come back once they know that we have a more efficient government, with more transparent policies and intolerant of corruption,” said chairman Tan Yiew Sing after a briefing with the Council of Eminent Persons today.
It was reported yesterday that foreign investors had withdrawn quite substantially from the local stock market since BN’s defeat in the May 9 general elections.
According to Business Times, US$937.8 million were wiped out over concerns now that the leadership of the country is in the hands of Tun Dr. Mahathir Mohamad.
Tan believes that investors will have more interest to reinvest in Malaysia if there is a more stable business environment.
Commenting on the soon to be abolished Goods and Services Tax (GST), Tan described it as a wise move because he thinks its implementation has not bee good.
“Personally I think the GST was rushed through, not systematic and created a lot of confusion.
“The reintroduction of the Sales and Services Tax (SST) will be likeable as the government now has said that the country will have enough resources and revenue to bridge any loss of revenue. Also, this is one of their election promises.”