Hornbill Unleashed

September 24, 2010

Foreign investors avoiding Malaysia because of Umno

Filed under: Human rights — Hornbill Unleashed @ 12:00 AM
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Viktor Wong, Malaysia Chronicle

Malaysia is now the “least favoured market” in Asia Pacific for investors after nearly doubling its underweight rating from last month, according to a recent Bank of America Merrill Lynch report.

The country slipped two spots from 10th place to dead last — in the investment bank’s latest Fund Managers Survey, even as the Najib administration prepares to unveil ambitious economic reforms meant to boost investor confidence. This report appears to be the latest indictment of Malaysia’s inability to compete with rival regional markets.

Yes, Malaysia’s economic structure is indeed sick because of decades of abuse by the ruling elite or Umno to be precise. Malaysia is also politically sick because of Umno’s continued refusal to make drastic changes in order to shape the country’s economy for better. Whatever it is that Najib has informed the business communities, both local and abroad, they are still not convinced that this country is the best place for business and investments. Even most of our local businessmen are doubtful of their future survival.

Why is this so? Look at Umno, look at Barisan Nasional, look at their current manner of politicking and desperate policies. They are fighting for their own survival instead of looking into ways to develop our nation. They keep harping on old issues, while denying that their structures have been weakened and no longer usable. They insist they – Umno and BN – need not change. Instead it is the people who need to change their mindsets.

As such, corruption continue, the judiciary system is in a serious condition, democracy is again denied, freedom and justice are at stake, power abuses, mismanagement and misuse of public funds continue to haunt all levels in the civil service. Blatant disregard of human rights are also surfacing almost every day, where victims are abused and crudely denied of their basic civil liberties.

Meanwhile, instead of planning for the country’s future, Umno and BN are busy engineering efforts to topple the Pakatan-ruled states. The coup d’etat which saw Perak Umno wresting the state government  from Pakatan has even motivated Umno’s top leaders to attempt the same in Penang, Kedah, Kelantan and Selangor.

Rising racism is also another major factor that has caused foreign investors to be cautious for fear of another ethnic riot similar to that of 13 May 1969. Umno, BN and Perkasa leaders have on several occasions revived the incident as thinly veiled threat should the people continue to shun them in the next general election.

Against this backdrop of negative elements with racism and religious bigotry topping the list, is it any wonder the international community has lost faith in Malaysia as a destination for their hard-earned money? Will they ever have any confidence in the country again? As long as Umno, BN and Perkasa are still around, the answer is clearly a resounding ‘No Way’.

So, let us not wait until our entire nation goes totally bankrupt – both financially and politically.

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