KUALA LUMPUR, Nov 25 — The American Malaysian Chamber of Commerce (AMCHAM) today called on the new federal government under Datuk Seri Anwar Ibrahim to maintain past policies that helped make the country a foreign investment destination.
AMCHAM chief executive Siobhan Das said wholesale changes to existing policies should be approached with caution and only changed when necessary.
“Wholesale changes, unless essential, should be approached with caution, instead, look to simplify and improve.
“The American business community looks forward to the formation of the unity government that will focus on economic fundamentals and maintain a firm commitment to policies that bolsters Malaysia’s business competitiveness and openness to global trade.
“We look forward to a unity government that will prioritise consultative policy making, with robust debate and deliberation between the private and public sector, with different stakeholders and the establishment of an effective and transparent implementation system,” she said in a statement following Anwar’s appointment as Malaysia’s new prime minister.
She said foreign investors and companies in Malaysia, particularly American businesses, are assured that Malaysia remains a preferred destination for growth and investment as the country has once again demonstrated its credentials as an open and vibrant democracy.
“Malaysia’s importance in the global economy was highlighted during and after the Covid-19 crisis.
“The country is well on its way to become a developed nation and is uniquely positioned to leverage the opportunities that exist in the global landscape.
“The multi-decade presence of foreign investors is due to Malaysia’s reputation for strong institutions, adherence to the rule of law, diversity in the workforce, quality English-speaking talent, and a progressive business environment that is able adapt to the needs of the global market and is a model for other emerging economies around the world,” she said.
AMCHAM had earlier outlined 13 areas the federal government could focus on, which included enabling proactive engagement on policies impacting the business community to be carried out with an ample lead time and timely feedback loops; to provide a clear economic narrative for prospective and new investors and to demonstrate a clear commitment to reform public service delivery impacting the business sector with a strong emphasis on digitalisation.
“The Unity Government’s focus on a comprehensive and inclusive approach in managing the economy will help to bridge the economic divide that drives inequality. To further bolster Malaysia’s competitiveness, a digitally-driven public services delivery that focuses on efficiency and productivity will drive more investments into Malaysia.
“AMCHAM will continue to build on our strong working relationship with the new government, its various ministries and agencies, to ensure that Malaysia’s well established brand as a destination for growth and investment is protected and enhanced from a global perspective,” Das said.