PublishedMAY 10 — In just four years, seven multinational electrical and electronics factories have shut whereby 5,245 employees have lost their jobs while foreign direct investment fell sharply from RM10.81 billion in 2017 to RM5.78 billion last year. This plunge should give Penang a wake-up call. However, not only does Chief Minister Chow Kon Yeow not face up to the problem or actively invite other investments, he also ignores this investment freefall.
Policies under the new Pakatan Harapan government are not pro-business, thereby undermining Malaysia’s wage growth and investments. These unfriendly policies, increase in foreign worker levy, insurance policies for foreign workers have increased the cost of doing business for local employers. Such conditions also resulted in the private sector being particularly caution in reviewing employee salaries or making new investment decisions.