The Malaysian Insight

THE constant politicking now that the Port Dickson by-election campaign is in full swing is affecting Malaysia’s investment climate, said a Johor exco.

State International Trade, Investment and Utilities Committee chairman Jimmy Puah Wee Tse said the investment climate had just begun to improve following the shocking 14th general election result that saw the ouster of Barisan Nasional, which had ruled the country since independence.

“The country had been in ‘politics mode’ for the better half of the year, resulting in a prolonged unfavourable investment environment,” he told The Malaysian Insight.

“We had a change of government (from one) that had been around for more than 60 years… And then, there were so many by-elections.”

He was referring to the Sg Kandis, Seri Setia and Balakong polls, which were held after the May 9 general election following the deaths of their assemblymen.

“We were starting to get back (to a more favourable climate), and then, Anwar Ibrahim announced that he is standing in Port Dickson, and now, we’re in politics mode again.”

Puah, who is also Johor PKR deputy chief, said he hopes investor confidence will pick up soon.

He said he recently visited Singapore and China to alleviate investors’ fears about Malaysia’s political climate.

“I hope people understand that the government is stable. Politics is politics. Let’s continue with our lives and let’s do business.”

After Pakatan Harapan clinched GE14 victory, Bursa Malaysia plunged as much as 10%, as foreign investors fled the market.

The stock market has since rebounded by more than 6%, and outflows of foreign investment has been slowing down, according to Bloomberg reports.

The sentiment in Johor has been affected by the federal government’s decision to defer the Kuala Lumpur-Singapore High-Speed Rail project, which cuts through the state. Remarks on a China-backed mega residential project, too, have rattled investor confidence.

PKR president-elect Anwar is among seven candidates eyeing the Port Dickson parliamentary seat in the October 13 by-election.

His main rivals are former Negri Sembilan menteri besar Isa Samad, who is running as an independent, and air force veteran Mohd Nazari Mokhtar of PAS.

The four other candidates are all independents – Mohd Saiful Bukhari Azlan, who is Anwar’s former aide and sodomy accuser, Lau Seck Yan, Stevie Chan and Kan Chee Yuen.

The by-election was called after Danyal Balagopal Abdullah, of PKR, vacated the seat for Anwar, who is attempting a return to Parliament before he succeeds Dr Mahathir Mohamad as prime minister.

In an agreement between all PH parties, Dr Mahathir will hand over the reins to Anwar in about two years’ time. – October 6, 2018.