Former Prime Minister Tun Dr Mahathir Mohamad has cast a skeptical eye over Malaysia’s reported surge in foreign direct investment (FDI) under current Prime Minister Datuk Seri Anwar Ibrahim’s administration, hinting at doubts about the tangible results of these lofty investment figures.
In a recent blog post, Mahathir acknowledged that Malaysia is currently attracting FDI in the billions of ringgit — a stark contrast to earlier decades when securing investments worth millions was considered a major success. Citing various reports, he listed numerous figures: RM216.04 billion in total investments claimed by the Prime Minister, RM63.02 billion from the United States, RM170 billion via memorandums of understanding (MOUs) with China, and RM6.56 billion from Japan, among others.
The former premier also referenced several other announcements, including RM254.7 billion in digital investments in the first nine months of 2024, RM32.8 billion secured during a visit to South Korea, and RM141.72 billion announced by Communications Minister Gobind Singh Deo for digital sectors. Furthermore, areas such as Iskandar Malaysia and the Northern Corridor Economic Region (NCER) were noted to have recorded significant investment inflows.
Mahathir highlighted that between January and June 2024, investments totaled RM160 billion, while other major deals involved green investments of up to RM300 billion and manufacturing sector investments reaching RM194.9 billion. The cumulative figures presented suggest an aggressive FDI drive by the Anwar government, aimed at transforming Malaysia into one of the world’s top 30 economies, with a targeted investment total of RM636 billion.
However, Mahathir’s tone revealed underlying criticism. Despite the impressive statistics, he hinted at a lack of visible transformation on the ground, questioning whether the flood of investment had translated into real, observable developments. “As such every piece of land would be occupied by factories, Maybe they are there,” he wrote, “If I cannot see them, it is my problem,” he added dryly, implying skepticism about the actual materialization of the investments.
The blog post reflects Mahathir’s broader concerns that the government’s narrative of economic success may not fully align with the everyday reality experienced by Malaysians. Mahathir’s remarks serve as a reminder that true progress must eventually be visible and felt — not just in ledgers and press releases, but across the nation’s economy and industrial landscape.
Information Source: thechedet.com
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