The current uncertainty about the date for Malaysia's general election is frightening off investors and businesses from executing projects, costing the country "billions of ringgit", an opposition politician said. Abdul Kadir Sheikh Fadzir, founder of the Parti Ikatan Bangsa Malaysia (Ikatan) and former prominent member of Malaysia's largest party United Malays National Organisation (UMNO), said that Prime Minister Najib Tun Razak's delay in announcing the general election has scared investors, distracted leaders from public service and lost the country significant revenue
. "Because of this uncertainty created, I heard a lot of investors who wanted to come to the country started postponing things until they are sure of the election results," Kadir was quoted as saying by Free Malaysia Today. Fadzir, who is also executive chairman of property development group Sazean Holdings Sdn Bhd, said that in addition to declining investments, the country is also losing out on government projects because of the uncertainty. He added that Najib should take advantage of his "political transformation programme" to change the laws and allow for a fixed-term government
to avoid future delays and uncertainty in the polls date.
Cambodia is planning to manufacture a domestic car brand after state-owned ACICA Automotive has signed a $2 billion joint venture investment with UK-based BIW Automotive. The plan is to to build a factory in Preah Sihanouk province for a Cambodian-made low-cost car within the next three years at a capacity of around 300,000 units per year for sale domestically, within ASEAN and globally. The project entails a huge capital investment, with $450 million spent on building a new power station to supply the factory. An additional $1 billion is planned to be spent on construction of a new township, infrastructure and water supply facilities, while the remaining amount will be used for the car project, according to ACICA's Group Chairman Al Rumny.
OPINION: Weighing Brunei's market potential in defence industry
With Brunei's programme to diversify its industry in the coming years, questions arise as to which extent new sectors will be able to contribute to the country's economy in order to substitute oil and gas revenues in the long term. Brunei's development plan includes a shift towards other industries such as food and halal, information and communication as well as manufacturing. Not too much talk is, however, heard about an obvious sector which has a traditional presence in the Sultanate: The defence industry.. Inside Investor recently presented an overview on defence spending by ASEAN governments, and it turned out that Brunei plays a quite prominent role in the sector relative to its size.
This two-day event to be held in Kuching, Sarawak, in presence of the Chief Minister of Sarawak, Abdul Taib Mahmud, will see experts and investors hold discussions on investment opportunities and potential collaborations and partnerships in Malaysia's largest state.