Malaysia PM vows crusade against corruption

[Pelican Press 0]

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Malaysia PM vows crusade against ***********

Malaysia’s prime minister Anwar Ibrahim during a news conference in New Delhi, India, on Tuesday, Aug. 20, 2024. 

Bloomberg | Bloomberg | Getty Images

Eradicating *********** in Malaysia continues to be a difficult hurdle Prime Minister Anwar Ibrahim needs to overcome if he wants to attract more foreign direct investments into the country.

As Anwar draws closer to the second anniversary since being sworn in as prime minister, he ******** strongly committed to this crackdown, and has taken a no-nonsense approach in dealing with the problem, he said.

“We have to save the country. To my mind … the major problem is poor governance and endemic ***********,” he told CNBC’s JP Ong.

Anwar explained that both domestic and foreign investors will garner more confidence when they see consistency in transparent processes and a stronger commitment to put an end to ***********.

“Without that trust [and] confidence, nobody will invest in a big way. Unless those people who have some corrupt arrangements — they will still continue. But that has to stop. And fortunately, it has stopped,” he said.

“Although, we are still carrying on this mission, because I had strongly suggested that when, in terms of ***********, it is almost systemic. When it comes to systemic, which means the mission, the crusade against ***********, has got to be full force,” he added.

‘I would just go after them without mercy’

Malaysia welcomed foreign direct investment inflows of

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in 2023 ($9.7 billion), a significant slide from a peak of

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in 2021, government data shows. Meanwhile, the Southeast ****** nation lost around

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in economic output due to *********** from 2018 to 2023, according to official data.

When asked by CNBC if the government is going too fast and hard on combating ***********, Anwar said that if he had it his way, “***** it … I would just go after them without mercy.”

However, he explained that he instead had to appeal to his coalition to have conversations on the best ways to solve this issue, and reiterated that if they continued being “too slow and ineffective … the nation can never be saved.”

“And I think now we have gained enough ground to suggest that this mission will continue,” he said.

Anwar did not speak specifically about any cases of ***********, nor did he name any former leaders during the interview. However, multiple instances of *********** still make headlines when proper governance in Malaysia is being discussed. One of the most infamous cases continues to be the 1Malaysia Development Berhad money laundering scandal, where then-Prime Minister Najib Razak was found guilty of embezzling millions of dollars.

In May, the government launched its new national anti-*********** strategy that aims to propel Malaysia to be among the top 25 countries in the

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 within the next decade. Malaysia currently ranks 57 on the index.

Malaysia’s economy

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last year, a plunge from 8.7% growth in 2022. GDP in the second-quarter of 2024

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, and increased from 4.2% in the first three months of the year.

As part of Malaysia’s strategy to increase the flow of foreign investments and propel the country’s economic standing, two separate economic zones have been in the works.

Agreements for the Johor-Singapore Special Economic Zone will likely be finalized by the end of the year, a move that is aimed at enhancing cross-border trade and investment activities.

Malaysia is also seeking investments to its Forest City special financial zone, hoping to increase business activity and push the city of Iskandar Puteri into becoming a business district with high-skilled talent. The government announced last week that Forest City will be the first place in Malaysia to offer zero-percent tax rates on family offices.

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#Malaysia #vows #crusade #***********

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