KUALA LUMPUR – Despite the controversial appointment of Umno chief Datuk Seri Ahmad Zahid Hamidi as deputy prime minister and rural and regional development minister, the flip side to this is stability for the new unity government, which will be attractive for foreign investors, an analyst said.
“Zahid’s appointment cements the cabinet, chances are that Barisan Nasional (BN) won’t wiggle out,” said political scientist and Aizat Training Service director Datuk Ahmad Nazzan Abdullah.
“Once there is stability, investments and funds will start coming in, and our share markets will increase alongside our ringgit,” he told The Vibes.
There have been mixed reactions to Zahid’s appointment to the cabinet as the BN chief still faces 47 graft charges. Some say his placement sends the wrong message about Anwar’s anti-corruption stance, while others view the move as a necessary evil to ensure stability in a government made up of political rivals.
Nazzan also said Anwar’s move to hold the finance minister’s post was appropriate based on his past experience and favourable reputation internally when he held the same post from 1991 to 1998.
“Anwar has experience as finance minister and was praised by numerous Asian magazines stating his good performance,” he said.
“America and Europe have had a lot of dealings with Anwar, he is friendly with the International Monetary Fund and the World Bank.
“Foreign nations’ perspective towards Malaysia will improve, as most of them have good relations and high esteem towards Anwar, for he has no antagonistic policies against the West and developed countries.”
Pandan MP Rafizi Ramli, who is Anwar’s number two in PKR, is also a good appointment as economy minister, another move that could boost the country’s stability, Nazzan added.
“Rafizi has experience in engineering and accountancy, as well as having a good grasp of the economy.
“Since he is working in tandem with Anwar, there is hope that the two can work well with each other,” he added.
Overall, Anwar’s ministerial picks announced last night have the potential to improve Malaysia’s standing globally and redirect the economy toward stability, he said.
That said, how this cabinet of former foes and first-time ministers perform will need time to be determined.
“Many of the ministers appointed are not familiar to the people,” Nazzan said.
He said the performance of more experienced appointments can be ascertained from their past performance, but time is needed to assess some of the newer ministers.
Generally, Nazzan felt Anwar had picked a good time after walking a “tightrope” to satisfy all coalitions. For the most part, he has avoided picking those with poor track records or lacking in people’s confidence.
On Datuk Seri Tengku Zafrul Tengku Abdul Aziz’s appointment as international trade and industry minister despite losing in the election, Nazzan said his experience and knowledge as a banker could serve to bring in trade.
Similarly, Universiti Malaya academic Prof Awang Azman Awang Pawi said Tengku Zafrul, Rafizi, and Foreign Affairs Minister Datuk Seri Zambry Abdul Kadir have good affinities in the international field.
“In terms of rapport, all three of them do not have any issue in the international arena,” he said.
“They have to work together to guarantee a better nation building, in terms of economic recovery, attracting foreign investments, and proving their capability in cooperating with each other in building the nation,” he added.
Awang Azman also states that all three ministries are essential in rebuilding the nation’s economic strength.
“The Foreign Ministry plays a role to enlighten and give a good impression to convince foreign investors of the benefits this country has, and convince other nations to cooperate with Malaysia by strengthening relationships with each other,” he said.
“Meanwhile, the International Trade and Industry Ministry must ensure that investments to our industries are reflected as foreign direct investments, while the Economy Ministry must maintain a controlled domestic economy,” he added. – The Vibes, December 3, 2022
