Madani Government Restores Investor Confidence Through Anti-corruption Efforts - PM Anwar

KUALA LUMPUR, Oct 5 (Bernama)-- The MADANI government's commitment to combating endemic corruption has significantly restored confidence among domestic and foreign investors, leading to increased new investments.

Prime Minister Datuk Seri Anwar Ibrahim said his primary concern during his initial months in office has been to restore the nation's reputation, particularly following the 1Malaysia Development Bhd (1MDB) scandal.

“In the initial few months, it was all about that. How do you deal with issues? What about governance?What about what they consider endemic corruption, based on the experience of 1MDB and the various other scandals? For example, leaders in the past, once they become Minister of Finance or Prime Minister, become billionaires.

“In a matter of years, this has to stop," he told CNBC in an interview.

Anwar noted that both domestic and foreign investors have recognised the government's strong commitment to fighting corruption, even as some critics have deemed it overzealous.

“Without that trust and confidence, people will not invest in a big way. Unless those people have some corrupt arrangements with you, they will continue. 

“But that has to stop. Fortunately, it has stopped, although we are still carrying on with this mission; the crusade against corruption must be in full force," he said.

Anwar, who is also Finance Minister emphasised the importance of attracting high-end investments, particularly in artificial intelligence (AI) and semiconductors. 

He acknowledged that Malaysia has experienced a surge in data centre investments due to its affordable energy and water supply, but stressed the need to shift focus towards more sophisticated technologies to enhance the country's economic status.

“Nvidia, for example, coming in with sophisticated programmes for artificial intelligence, would allow us to truly move beyond middle-income status,” he added.

Anwar also highlighted the necessity of closing the skills gap to attract high-value industries, with the government aiming to produce 60,000 engineers over the next five years.

“The universities, colleges, polytechnics, and technical and vocational education and training (TVET) institutions must gear up and change by getting this formal education institution to work with the private sector,” he said, referencing companies like Infineon that train engineers to meet their specific needs.

The Prime Minister also hinted that Malaysia may need a more flexible approach, potentially hiring engineers from neighbouring countries to bridge the skills gap.

-- BERNAMA