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ALLOW A DEWAN RAKYAT SPECIAL FDI AND ECONOMIC SITTING, URGED WARISAN

Updated: Mar 26


Terrence Siambun

25 Mar 2021


KOTA KINABALU: Parti Warisan Sabah (Warisan) has today called for the Perikatan Nasional (PN)-led Federal Government to allow a special Dewan Rakyat sitting to enable Members of Parliament (MPs) to debate on the current foreign direct investment (FDI) and economic condition in the country.


Its treasurer-general Terrence Siambun said that the decision by IBM to close down its Cyberjaya Global Delivery Centre on May 31 that will affect at least 1,000 employees as reported by the Edge should serve as an eye-opener to everyone about the truth on the country's FDIs.



"We've lost several top global tech investors earlier in the likes of Hyundai, Panasonic and Google and now, IBM so obviously if this trend of foreign investors closing their facilities in Malaysia continue, it will be very difficult to persuade other top global companies to come and invest in Malaysia or even to continue its operation here.


"This is so since reputation precede everything - if top global companies through their due diligence believe that Malaysia simply isn't worth it anymore for them to spend billions of ringgit worth of investment, then they will go to neighbouring countries such as Indonesia and the Philippines," he said in a statement today.


"Why are we losing out to these countries and why the PN-led Federal Government's initiatives (to attract FDIs) are not effective? If the reason is Covid-19, then we all face the same pandemic.


"We will still be receiving FDIs but obviously, it will not be in the likes of Tesla or Amazon but some unknown companies that produces generic products or worst, may cease operation after a few years," he added.



According to Terrence, the special Parliamentary sitting will allow MPs to not only deliberate on the country's economic direction in relation to the FDIs but with regard to employment.


"It is imperative that the Prime Minister, Muhyiddin Yasin allow this special sitting to be held immediately since it had been reported by FMT that 30 per cent of the Malaysians have already depleted their EPF savings to mere RM100 and it will be a struggle for them to provide education to their children in near future or once these contributors have reached 50.


"Since many of the PN Ministers or Government-Linked Companies (GLC) Chairmen are guaranteed to live luxuriously with fat pensions, they should do justice by allowing the peoples' assembly to commence immediately and to allow elected representatives to voice out their constituents' concern," he asserted.


Jobs and economic rejuvenation are the two things that Malaysians desperately want now so they can quickly make up to the massive losses they last year, he stated.


"I think majority of Malaysians have grown tired with the political bickering between Umno, Bersatu and PAS who form the Federal Government that has been happening since early 2020.



"And it is apparent that the PN-led Federal Government's initiatives are off target because everyone is still complaining - the tourism and hospitality association, the small and medium industries association, the economists, the politicians and even Lokman Adam is complaining everyday - the PN-led Federal Government simply should not operate in silo and must allow this special session."


Terrence also pointed out that PN is not making progress that can be proud of with regards to investment in Sabah rendering PN to depend on the previous hard work by Warisan leaders.


"In Sabah, the inability of PN to attract high quality FDIs had necessitated PN to highlight the natural flair of Warisan leaders in attracting investors such as the KK Resort City, Lok Kawi (which was actually done by Datuk Seri Shafie Apdal), SK Nexilis (by Datuk Darell Leiking) and Linaco Group (by Datuk Junz Wong).


"MPs from Sabah should be allowed to talk on FDI and economic issues thru this special sitting especially about tourism and hospitality matters and also regarding the emergence of the Philippines and Indonesia as the new foreign investment destinations that may cause some negative economic impact on Sabah.


Duterte's pro-China stand and peace at the Southern Philippines while Jokowi's strategic decision to shift Indonesia's capital from Jakarta to Kalimantan will see influx of FDI to both areas and if the PN-led Federal Government is still unable to steer the country's economic direction to the correct direction, then Sabah will continue to be the poorest area in Borneo," he said.