Malaysia Remains Favourite Investment Destination, Says PM

KUALA LUMPUR, Sept 19 (Bernama) -- Malaysia remains a favourite investment destination as it has quality companies, a sensible capital market regulatory framework, strong legislation to protect investors and a government that is committed to growth, Prime Minister Najib Razak said Thursday. "All these factors stand us in good stead, not only to attract future investments but to achieve our over-riding objective of becoming a developed nation by 2020," he said at the launch of Westports Holdings Bhd's initial public offering (IPO) prospectus Thursday. He said the public-private partnership approach was designed to reduce the government's financial and administration burden and its presence in the economy, while allowing market forces to spur economic activities and private sector zeal to improve efficiency and productivity. "Malaysia's port facilities were one of the first areas of focus," said Najib, who is also Finance Minister. The improvement and expansion of local ports has had a positive knock-on effect throughout the economy with spin-off industries such as freight forwarding activities having developed, creating wealth and job opportunities for Malaysians, he said. "Port Klang is now recognised as a major port in South East Asia. It is the second busiest port in the region and the 12th busiest in the world," he added. Also present at the launching was Westports Executive Chairman G. Gnanalingam and its Chief Executive Officer Ruben Gnanalingam. "Meanwhile, Najib said Malaysia has increased its share of regional container throughput from 11 per cent in 1990 to 30 per cent today. Saying that Westports stood as a shining and successful example of the Malaysian economic model, he added that it not only achieved astonishing growth in capacity but also received various accolades for its operational efficiency, productivity, human capital development and corporate social responsibility. "Westports has a workforce of 4,000 employees who are 100 per cent Malaysians, and implemented a salary scheme where the minimum take home pay is US$475 (RM1,500) per month. "And, this workforce has managed to achieve one of the world's highest levels of port productivity," added Najib. -- BERNAMA