Branson: KL a good investment destination
Malaysia is an attractive investment destination but some issues need to be tackled to attract investors, said Virgin Group founder Sir Richard Branson
"I think Malaysia has a good reputation but some issues like what's happening with your ex-deputy prime minister (Datuk Seri) Anwar (Ibrahim) has damaged the country's reputation among foreign investors. This thing has gone on for some time," he said.
The British billionaire was speaking at the two-day "Dawn of the New Decade: Alternative Investments in Asia" forum, organised by the International Herald Tribune in Kuala Lumpur yesterday.
He was responding to questions on whether Malaysia's current economic and investment policies would be sustainable for future growth and if the political climate could affect investments.
Branson also said that Malaysia should be more liberal and open in its approach to win new investments.
"Malaysia has got a tremendous future. Generally speaking, I think Malaysia has a lot to teach the West. We look forward to learning a lot from you," he said.
The New Economic Model is seeking US$444 billion of investments over the next decade to lift the country to developed nation status.
Branson, whose Virgin Group has a stake in AirAsia's long-haul affiliate AirAsia X, also said Malaysia should split up and privatise large government-owned companies, which account for more than a third of the stock market value to increase competition and woo foreign investors.
"A lot of your companies are run by the government. It will be better if you privatise, break up big ones into smaller firms for them to compete with each other," he said.
Meanwhile, the Malaysian Investment Development Authority chairman, Tan Sri Dr Sulaiman Mahbob said there is a need to liberalise the services sector to attract foreign investments into the country.
"I think Malaysia has a good reputation but some issues like what's happening with your ex-deputy prime minister (Datuk Seri) Anwar (Ibrahim) has damaged the country's reputation among foreign investors. This thing has gone on for some time," he said.
The British billionaire was speaking at the two-day "Dawn of the New Decade: Alternative Investments in Asia" forum, organised by the International Herald Tribune in Kuala Lumpur yesterday.
He was responding to questions on whether Malaysia's current economic and investment policies would be sustainable for future growth and if the political climate could affect investments.
Branson also said that Malaysia should be more liberal and open in its approach to win new investments.
"Malaysia has got a tremendous future. Generally speaking, I think Malaysia has a lot to teach the West. We look forward to learning a lot from you," he said.
The New Economic Model is seeking US$444 billion of investments over the next decade to lift the country to developed nation status.
Branson, whose Virgin Group has a stake in AirAsia's long-haul affiliate AirAsia X, also said Malaysia should split up and privatise large government-owned companies, which account for more than a third of the stock market value to increase competition and woo foreign investors.
"A lot of your companies are run by the government. It will be better if you privatise, break up big ones into smaller firms for them to compete with each other," he said.
Meanwhile, the Malaysian Investment Development Authority chairman, Tan Sri Dr Sulaiman Mahbob said there is a need to liberalise the services sector to attract foreign investments into the country.
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