Partnerships Between Malaysian, Foreign Companies Contribute To Success Of ETP -- PM Najib

PUTRAJAYA, Feb 26 (Bernama) — Prime Minister Najib Razak said the partnerships between Malaysian and foreign companies have contributed to the success of the Economic Transformation Programme (ETP) launched in 2010. He said the partnerships had created jobs, led to the transfer of know-how, improved expertise, efficiency and talent beside helping raise standards of living and income levels. “But you won’t hear about that from our opponents. Every time foreign companies want to come here, they try to claim we are selling Malaysia off. “We are doing nothing of the sort. They are trying to deceive the people. We are trying to help and develop the country,” he said here Monday. Najib, who is also Finance Minister, said this before witnessing the signing of a share sale agreement and a joint-venture agreement between Naza Group and Groupe PSA of France on the establishing of shared operation of Naza Automative Manufacturing’s (NAM) plant in Gurun, Kedah. NAM targets to produce 18,000 cars in 2019 and another 21,000 in 2020, generating revenues of RM724 million (US$185 million) and RM967 million respectively. Under the ETP, Najib said, millions of jobs were created and there were years of healthy growth, such as gross domestic product growth of 5.9 per cent last year. He said international bodies, such as the International Monetary Fund, World Bank and most recently the World Trade Organisation, had commended the government’s responsible approach. Najib said the partnership between China’s Zhejiang Geely Group Holding Co and Proton Holdings Bhd was another good example of Malaysian companies’ partnership with global aspirations. “Now, I am sure that the partnership between the Naza Group with Groupe PSA of France is set to be another success story that will bring tremendous advantage to both parties and to Malaysia,” he said. Najib gave an assurance to Groupe PSA that his administration would continue the commitment to support companies that invested in new technologies such as to modernise the motor vehicle industry. “You decision to choose Malaysia is a sign of your confidence in us, and in the reforms and economic guidance of this government. We thank you for that, and for the rewards that will bring to your companies, to the people of Kedah and to all Malaysians. I promise you will not regret it,” he said. On another note, Najib slammed the opposition’s false promises, including how to replace the RM44 billion raised from goods and services tax last year. “Under their plans, our credit ratings would be downgraded, borrowing costs would go up, and Malaysia would lose its attractiveness as a destination for foreign direct investments. And it would be the ordinary Malaysians who would suffer,” he said. Najib said the government had always take into account the long-term interests of Malaysians. He said the government introduced the National Automative Policy in 2014 to ensure country’s car manufacturers would be more competitive and resilient. “We were aware of how rapidly technology is developing in the global motor vehicle industry,” he said. (US$1 = RM3.91) — BERNAMA