[NEWS] Selangor’s FDI is just fine without TPP

Datuk Seri Azmin Ali says Selangor’s foreign direct investments is fine without the TPP. ― File pic

Datuk Seri Azmin Ali says Selangor’s foreign direct investments is fine without the TPP. ― File pic

Source : The Malay Mail Online

KUALA LUMPUR, Jan 26 ― Foreign investors are the biggest contributor to Selangor’s economy, helping to make it Malaysia’s most developed state, Mentri Besar Datuk Seri Azmin Ali said today, adding that the transformation was before the Trans-Pacific Partnership (TPP) was even mooted.

The PKR state and federal lawmaker asserted that Selangor now contributes to 25 per cent of the country’s economy with foreign direct investments (FDI) coming from both North America and Asia.

“Because without the TPPA we have enjoyed plenty of trade from many countries like US, from Canada, from Japan, China, so it means we don’t need the TPPA to get investors in Selangor.

“We contribute 25 per cent to the Malaysian economy, of course the FDI strength is a priority to Selangor government and Invest Selangor played a big role,” he said when met outside the Dewan Rakyat hall during the special sitting discussing the TPP agreement.

He also said it was illogical for International Trade and Industry Minister Datuk Seri Mustapa Mohamed to remark earlier that both Selangor’s and Penang’s rejection of the Pacific trade deal meant the states had to close initiatives like Invest KL and Invest Selangor.

“Secondly, I’m also surprised by the minister, as if threatening the states like Selangor and Penang to not reject TPPA because by rejecting TPPA we must also close Invest Selangor and KL and this is not logical at all by the minister… we will continue these efforts because Selangor has FDI that is strong and we’re also main contributor to the country,” he said.

Mustapa said earlier today that if opposition lawmakers were so averse to the idea of Malaysia signing the TPP agreement, then the Penang and Selangor mentris besar should do away with corporations set up specifically to draw in foreign investments like Invest Penang and Invest Selangor.

He added that such aversion would even force him, as the international trade and industry minister, to have to shut down his own ministry and the Malaysian Investment Development Authority (MIDA).

The minister was referring to the opposition expressed during last Saturday’s “Bantah TPPA” rally which saw up to 5,000 protesters, mostly from PAS, take to the streets of Kuala Lumpur urging Putrajaya not to sign the TPP agreement for fear of losing sovereignty to the US.

Twelve countries, namely Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore, the US, Vietnam and Malaysia, concluded the TPP negotiations in Atlanta on October 5 last year.

The TPP is a free trade agreement that has been negotiated by the US, Malaysia and 10 other nations as part of the larger Trans-Pacific Strategic Economic Partnership since 2010.

 

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