NEW YORK - PRIME Minister Datuk Seri Najib Razak yesterday outlined a compelling “Malaysian story” to American business leaders, saying United States President Barack Obama’s recent visit is helping to invigorate bilateral business links.
On the eve of his key United Nations speech, Najib spent the day spearheading the push by the government to persuade US investors and fund managers to step up investments in Malaysia.
Buoyed by a by-election win and showing no fatigue despite his hectic schedule over the last few days at the UN and a side trip to Washington DC, the prime minister began his day by engaging an exclusive group of 14 top fund managers.
The fund managers, huddled in a small meeting room in New York’s plush Mandarin Oriental Hotel, between themselves manage a combined US$8 trillion (RM25.6 trillion) of funds invested around the world.
In his opening remarks and in subsequent speeches before US business leaders, Najib chose to speak off-the-cuff, doing away with prepared texts.
“I have decided not to use my text because you, as business people, you know the fundamentals, you know the facts, but I am telling you from the heart that we welcome a strong partnership with the United States,” Najib said at a well-attended business luncheon with chief executives of top US companies. Later, they gave him a standing ovation.
His general theme at yesterday’s business sessions was that Malaysia is open for business, that the country is pro-free trade, business friendly and a gateway to the vast Asean marketplace.
“I am committed that Malaysia becomes an advanced economy by 2020, I am committed to an open economy, I am committed to making reforms and transformation, I am committed to ensure stability, harmony in Malaysia.”
Najib also told the investors that Islam was a modern, progressive religion.
“I want to show that Malaysia is a true face of Islam, that Islam is a moderate religion, Islam stands for progress, Islam stands for harmony, Islam respects people of other faiths. That is my commitment.”
Najib also delivered a clear message to the fund managers about how Malaysia was managing its economy, indirectly addressing their concerns about the country’s yawning fiscal deficit and the huge subsidy bill.
“They like the Malaysian story,” Najib told journalists after the fund managers’ session, which was organised by Bursa Malaysia, Maybank and Credit Suisse.
“(But) they want some specific commitments from our side… whether we have the political will to continue with the reforms to ensure fiscal sustainability.”
Najib said while there had been an increase in US foreign direct investments in Malaysia last year from 2012, Malaysia was also keen to draw more US portfolio funds into Bursa Malaysia.
He said Bursa Malaysia had emerged as one of the world’s best performing stock markets, with the benchmark Kuala Lumpur Composite Index rising by 113 per cent between 2009 and to-date.
The market capitalisation grew by 168 per cent while average dividends soared by 87 per cent in the same period.
“So you can see the steady performance of the Malaysian stock market. If you take into account our dividend policy, as well as increase in market cap, it is one of the best performing markets in the world. We have a good story to tell based on our (Bursa) performance in the last five years.”
At a later forum organised by Malaysian and US Chambers of Commerce, one of the Malaysian speakers took the audience by surprise when he spoke in Bahasa Malaysia. There was, of course, no simultaneous translation service. -NST
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