Anwar's motion on economy rejected

breaking news A motion by Opposition Leader Anwar Ibrahim to discuss the problem of negative foreign investment inflow into Malaysia was rejected by the deputy speaker Ronald Kiandee this morning.

"I am rejecting the motion to discuss, although it is specific and of public interest, it is not necessarily an immediate concern.

"Already during two different instances - the Trade Minister Muhyiddin Yassin on Oct 30 and the parliamentary committee on Nov 20 - have already dealt with this issue," said Kiandee.

Anwar wanted the House to confront the issue in light of the unstable global economy.

He also wanted the House to discuss the latest United Nations Conference on Trade and Development Worlds Investment Report 2008.

"The situation persists then we face the prospect of a shrinking of the economy, a deteriorating Gross Domestic Product and higher unemployment," he said in support of his motion.

The report outlined that Malaysia had a negative FDI flow - effectively more investment is leaving the country than is entering the local economy.

This, he reiterated, was a crisis of confidence in the local economy as businesses were moving their capital elsewhere.

"The report shows that we have brought in RM29 billion in FDI in 2007, however we have also bled RM38 billion in 2007, therefore we have a negative amount," he said.

The Permatang Pauh MP also stressed that compared to all the Asean countries, Malaysia was the only one with a low FDI.