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More innovative ways needed to attract more FDIs, says Deloitte

KUALA LUMPUR, 18 January 2019 - KUALA LUMPUR: More innovative ways are needed to attract more foreign direct investments (FDIs) into Malaysia, other than offering more tax incentives for investors, said Deloitte Malaysia CEO and Deloitte Southeast Asia Chinese services group leader Yee Wing Peng (pix).

“One way to appeal to foreign investors is to focus on the improvement of road infrastructure, provision of skilled local talent and readily available utilities for foreign investment projects in Malaysia,” Yee said in a statement today.

“This mirrors China’s approach to maximise ease-of-business for investors, while ensuring the government’s coffers are not impacted,” he added.

Additionally, he said that Malaysia has the natural propensity and strengths to attract FDIs due to her business-friendly government, advanced infrastructure, lower cost of doing business and multilingual workforce.

“In particular, there are three critical success factors for Chinese investors to thrive in Malaysia at the present juncture namely, timing, geography and people.

“More Chinese companies are considering placing part of their operation to other countries due to the global trade war. Geographically, we are strategically located – and with a conducive business environment and friendly people, we are poised to welcome more FDIs from China,” he added.

Moreover, he said amidst the global uncertainties and changes in local policy reforms, the firm sees Malaysia embracing change and adapting to transitions in the global economy landscape to stay relevant and strong.
As a developing nation, Malaysia should constantly seek strategic partnerships with businesses from other countries that have cutting-edge technologies so as to stay ahead of the curve in embracing Industry 4.0, he added.
Furthermore, he said that based on the insights gathered from the recent Malaysia Economic Forum 2019, which examined the business competitiveness landscape in Malaysia for Chinese investors, Malaysia is a strong host and supporter of opportunities for Chinese investors.

The forum discussed the impact of the change in China’s trade and investment policies in Malaysia and explored collaboration opportunities for investors on the Digital Free Trade Zone and Electronic World Trade Platform, among others.

The event was organised by Deloitte Malaysia and co-partners, Bank of China (Malaysia) Sdn Bhd and the Chinese Enterprises Association in Malaysia

Source: The Sun