GEORGE TOWN – Just as Malaysians are not certain about who our prime minister will be tomorrow, American investors are also getting anxious about the current tenuous situation on the ground for businesses.
US ambassador to Malaysia Brian D. McFeeters said that, although the situation does not affect day-to-day operations at his embassy, long-term American investors are beginning to feel discouraged battling difficulties in navigating the Malaysian environment.
While they find Malaysia to be a good place to invest in due to the highly educated workforce, established logistics and proficiency in language, problems are cropping up with predictability and the implementation of regulations.
This is especially so in view of the conditions brought about by the Covid-19 pandemic and political turmoil.
“There is a bit of anxiety in the regulatory climate in terms of stability and certainty in Malaysia,” McFeeters told a press conference during his visit to Penang today.
“They (investors) don’t have advanced notice about regulations. They want more chances to comment and discuss regulations before they come out. They want more clarity in their implementation.
“The US is interested in Malaysia having a stable environment as Malaysia has always been a very reliable partner in that aspect,” he said.
He hopes that consultative mechanism can be established for companies or business associations to meet on a quarterly basis to hear what the government is planning and wants to implement.
The companies would then have a chance to comment and give feedback, ensuring no untoward surprises.
“They do have consultations with the government, but it has not been productive,” he said, stressing that investors want to see more follow-up to issues raised.
“They want it to be more systematic and accountable.”
McFeeters has held several meetings, including with Penang Chief Minister Chow Kon Yeow, Invest Penang and the American-Malaysia Chamber of Commerce (Amcham), in recent weeks.
He has also met officials from the Penang Science Cluster and Young Southeast Asia Leadership Initiative (YSEALI) and alumni of US government exchange programmes.
Just last week, Amcham had urged the federal government to use a more balanced approach to protect both lives and livelihoods, while recognising the need to contain the Covid-19 pandemic and implement drastic actions.
It called on the authorities to start differentiating between good and bad actors, and allow companies known to have good track records the ability to operate.
On his meeting with Chow this morning, McFeeters said he feels encouraged by where Penang is headed, as the state takes the necessary steps towards Phase 3 of the National Recovery Programme (NRP).
“Clearly, he (Chow) is looking ahead, so we want American companies to be part of that,” he said.
“We want to ensure that Penang and Malaysia remain attractive for US trade and investment.”
They also discussed how they can work together to ensure the next generation of companies in the healthcare and high-tech sectors can come into Malaysia, including Penang, he added.
McFeeters also said that the embassy has a number of high-priority programmes on people-to-people, economic and trade ties, as well as on security and law enforcement. – The Vibes, July 9, 2021
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