ID :
91379
Tue, 11/24/2009 - 16:34
Auther :
Shortlink :
https://oananews.org//node/91379
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TELL THE MALAYSIAN STORY TO GLOBAL INVESTORS, SAYS PM
FROM MUIN ABDUL MAJID
NEW YORK, Nov 24 (Bernama) -- Malaysian Prime Minister Najib Razak said
Malaysia's message of reforms and transformation needs to be told to foreign
investors consistently or risk being overshadowed by countries like China and
other emerging economies.
Najib also said Malaysia may need to introduce further measures to make its
capital market more attractive to foreign fund managers if it does not want to
be marginalised by them.
Following a series of meetings with American fund managers and investors as
well as corporate figures here on Monday, Najib said: "I think they like the
Malaysian story, but they want us to continue our reform measures because they
say that the outcome is very important."
Speaking to the Malaysian media covering his visit to New York, he said
they were also receptive to the proposed re-listing of Maxis Bhd.
"They were saying that it's a move in the right direction as this will
give them a bigger opportunity to invest in bigger companies as some of them
are managing funds worth trillions of dollars," he said.
Elaborating further, the Prime Minister said American financiers and
investors had pointed out the lack of suitable companies for them to invest in
Malaysia.
"They would like to see more Malaysian companies with big market
capitalisation. They're not keen on small companies. So, size in terms of
market capitalisation is important for them. They want to see more companies
like Maxis Bhd," said Najib.
He also said the investors indicated that prospective Malaysian companies
should also adhere to the principles of good governance.
"In addition, they would like entities like Employees Provident Fund,
Khazanah Nasional Bhd and Permodalan Nasional Bhd to reduce slightly their
holdings in companies so that shares are available on the open market," he said.
Najib said he would raise all suggestions and feedback gathered in New York
with the National Economic Advisory Council for further discussions and
decision.
"We need to study all the suggestions, including the implications of
listing certain companies," said Najib who is visiting the United States for the
first time as Prime Minister.
Najib said the government would need to read the signals coming out of New
York correctly and act accordingly in order to make the Malaysian capital market
more attractive.
"Malaysia is no longer the darling of the world's capital markets. So, we
have to make Malaysia more exciting by engaging them and asking them what else
do we need to do. And, we'll decide whether those things are doable," he said.
To a question, the Prime Minister said the government would do more to
attract foreign direct investments (FDIs), including from the United States.
"I'm not happy because overall FDIs has gone down. We need to do whatever we
can to resuscitate FDIs and domestic investment as well," he said.
Earlier, Najib held talks with Genting Chairman Lim Kok Thay, Chelsea
Property Group Chief Executive Officer John Klein, Malaysia's CIMB Chief
Executive Officer Nazir Tun Razak and Forbes Inc President, Steve Forbes.
The Prime Minister disclosed that the factory outlet centre in Iskandar
Malaysia, a collaboration between Genting and the Chelsea Property Group, would
be ready by mid-2011, with construction scheduled to begin in the first quarter
of next year.
It aims to attract four million visitors a year.
"I'm happy that the outlet is to be sited in Malaysia. Besides promoting
tourism, Malaysian small-and-medium industries will have the opportunity to get
involved," he said, adding that local products like batik would likely be
featured alongside international brands.
Najib also said he has been invited to attend a nuclear security summit in
the United States April next year and to deliver a lecture at the Harvard
Business School.
On his meeting with the publisher of Forbes magazine, the Prime Minister
said Forbes proposed that Malaysia host the Forbes Global CEO Conference in
2011.
"I've decided in principle that we can accept the invitation for Malaysia
to host the conference again," he said, adding that Forbes was happy with the
one hosted by Malaysia in September.
The 2010 edition will be held in Australia.
Najib and his wife Rosmah Mansor later left New York for Washington, enroute
to Trinidad and Tobago, for the Commonwealth Heads of Government Meeting.
-- BERNAMA
NEW YORK, Nov 24 (Bernama) -- Malaysian Prime Minister Najib Razak said
Malaysia's message of reforms and transformation needs to be told to foreign
investors consistently or risk being overshadowed by countries like China and
other emerging economies.
Najib also said Malaysia may need to introduce further measures to make its
capital market more attractive to foreign fund managers if it does not want to
be marginalised by them.
Following a series of meetings with American fund managers and investors as
well as corporate figures here on Monday, Najib said: "I think they like the
Malaysian story, but they want us to continue our reform measures because they
say that the outcome is very important."
Speaking to the Malaysian media covering his visit to New York, he said
they were also receptive to the proposed re-listing of Maxis Bhd.
"They were saying that it's a move in the right direction as this will
give them a bigger opportunity to invest in bigger companies as some of them
are managing funds worth trillions of dollars," he said.
Elaborating further, the Prime Minister said American financiers and
investors had pointed out the lack of suitable companies for them to invest in
Malaysia.
"They would like to see more Malaysian companies with big market
capitalisation. They're not keen on small companies. So, size in terms of
market capitalisation is important for them. They want to see more companies
like Maxis Bhd," said Najib.
He also said the investors indicated that prospective Malaysian companies
should also adhere to the principles of good governance.
"In addition, they would like entities like Employees Provident Fund,
Khazanah Nasional Bhd and Permodalan Nasional Bhd to reduce slightly their
holdings in companies so that shares are available on the open market," he said.
Najib said he would raise all suggestions and feedback gathered in New York
with the National Economic Advisory Council for further discussions and
decision.
"We need to study all the suggestions, including the implications of
listing certain companies," said Najib who is visiting the United States for the
first time as Prime Minister.
Najib said the government would need to read the signals coming out of New
York correctly and act accordingly in order to make the Malaysian capital market
more attractive.
"Malaysia is no longer the darling of the world's capital markets. So, we
have to make Malaysia more exciting by engaging them and asking them what else
do we need to do. And, we'll decide whether those things are doable," he said.
To a question, the Prime Minister said the government would do more to
attract foreign direct investments (FDIs), including from the United States.
"I'm not happy because overall FDIs has gone down. We need to do whatever we
can to resuscitate FDIs and domestic investment as well," he said.
Earlier, Najib held talks with Genting Chairman Lim Kok Thay, Chelsea
Property Group Chief Executive Officer John Klein, Malaysia's CIMB Chief
Executive Officer Nazir Tun Razak and Forbes Inc President, Steve Forbes.
The Prime Minister disclosed that the factory outlet centre in Iskandar
Malaysia, a collaboration between Genting and the Chelsea Property Group, would
be ready by mid-2011, with construction scheduled to begin in the first quarter
of next year.
It aims to attract four million visitors a year.
"I'm happy that the outlet is to be sited in Malaysia. Besides promoting
tourism, Malaysian small-and-medium industries will have the opportunity to get
involved," he said, adding that local products like batik would likely be
featured alongside international brands.
Najib also said he has been invited to attend a nuclear security summit in
the United States April next year and to deliver a lecture at the Harvard
Business School.
On his meeting with the publisher of Forbes magazine, the Prime Minister
said Forbes proposed that Malaysia host the Forbes Global CEO Conference in
2011.
"I've decided in principle that we can accept the invitation for Malaysia
to host the conference again," he said, adding that Forbes was happy with the
one hosted by Malaysia in September.
The 2010 edition will be held in Australia.
Najib and his wife Rosmah Mansor later left New York for Washington, enroute
to Trinidad and Tobago, for the Commonwealth Heads of Government Meeting.
-- BERNAMA
