Malaysia is expected to receive an additional investment of over US$100 billion (RM440 billion) by 2027 with the implementation of the Trans-Pacific Partnership Agreement (TPP), said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. He said the projected investment figure is from a study by consultancy firm PricewaterhouseCoopers on the trade pact’s benefits for Malaysia.
“We asked PricewaterhouseCoopers to do a study. The findings show that in 2027, the additional investment could be over US$100 billion with the TPP in place,” he said at a media conference after a briefing on the TPP’s benefits.
Mustapa said investment inflows and outflows are not new for Malaysia as the country has long been open about the matter. “We were a small nation before, but now our investments abroad have hit RM600 billion compared to RM500 billion in foreign investment inflows (as of the third quarter of 2015).
“We have resilience, Malaysian companies are successful abroad, and we have the capability. But those making the allegations are implying that foreign investments are a new thing, and that we don’t have investments overseas,” he said. The minister said critics of the TPP should be fair and refer to the facts in the text rather than basing their claims on incorrect information.
Mustapa said Malaysia benefits a lot from globalisation and the open economy but at the same time is prepared to address the problems brought about by the open economy.
Mustapa said while the government is aware of the costs of globalisation, it is globalisation that could make Malaysia a modern nation.
Source – Bernama