MELBOURNE, March 6 — The ringgit’s depreciation is not an issue for investors from Australia, who remain steadfast as they are confident in Malaysia’s economy, said Prime Minister Datuk Seri Anwar Ibrahim.
Throughout the many discussions held with business leaders and senior executives during his official visit to Australia, there was no mention of the ringgit’s performance but rather interest in knowing the basic economic policies and other matters like the share market and inflation.
To questions raised about the ringgit’s performance and concerns about the depreciation value of the ringgit during the Prime Minister’s meeting with the Malaysian diaspora today, he said the factor does not affect investors’ confidence.
“(Depreciation of the ringgit) is cause for concern, but not alarming,” Anwar said, adding the ringgit’s value is associated with the US dollar’s interest rate while the Bank Negara governor is also confident that once the ringgit appreciates, there will be a flow of investment into Malaysia.
“If that is the case (ringgit depreciation) we would not have seen RM24.5 billion in investments coming from Australia..the issue of ringgit is certainly not a concern,” he said, referring to Australian investors’ commitment during his meeting with them.
As a result, last year saw the highest level of investment recorded in history, despite the fall in the value of the ringgit.
“That would not have been possible if the investors had no confidence,” Anwar said.
The Prime Minister added there are temporary measures in place to strengthen the ringgit through Malaysia’s biggest trade partner China, which is using the ringgit for 25 per cent of the trade.
“If we can expand trade using local currency, it will assist in the recovery. I believe with investment figures like this, the ringgit will become stronger,” he said.
Meanwhile, to another question from a Malaysian student in Australia, Anwar said approval would be given to students who are under the Public Services Department (JPA) scholarship and have completed their studies to remain in the country and gain some working experience.
Such an approval can be given since he would be chairing the meeting.
“We will give the greenlight if there are opportunities to gain some working experience in Australia,” Anwar said.
The Prime Minister also encouraged other Malaysian students in Australia to discuss with their respective scholarship providers to seek approval for the same purpose.
Earlier in his speech, Anwar stressed that Malaysia must be brave to embrace changes and sweep aside the old culture to ensure the country moves into the progressive path.
Such changes should not only be embraced by the government and the Cabinet but the people as well.
“If there is a need for transition of power…we go ahead. If we need a digital transformation, change in technology for agriculture, we will do it,” he said.
Anwar noted that during the year and three months under the unity government’s administration, not a single case has emerged whereby “minister or Prime Minister or Finance Minister who are in power” attempted to rob the wealth of the nation because of the government’s firm approach in all matters.
— Bernama
