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The World Foreign Investment Report (WIR) 2010 released by the United Nations showed that FDI (Foreign Direct Investment) in Malaysia plunged 81 per cent last year, trailing behind countries like the Philippines, Vietnam, Thailand, Indonesia and Singapore. This drastic reduction is in 2008-2009. Fancy being behind those countries (except Singapore) whose corruption index is higher than us!

Who do we thank for this fiasco? Here is my laundry list:

1. Abdullah Ahmad Badawi aka Pak Lah/ Slumberjack/PM flip flop
2. UMNO’s weak leadership
3. BN component parties’ internal strife
4. Opposition parties grab of 5 states during General election in March 2008/ BN loss of two third majority
5. Hindraf’s effects
6. Anwar’s protracted legal wrangle

People cannot attribute this to the global economic downturn as during similar period, Singapore attracted about 16B worth of foreign investment and their political situation is extremely “stable”.

Any change of political stability will signal fear to foreign investors. Despite what some “smart” people said about Tun Mahathir, Malaysia enjoyed much better time under him. Yes, Abdullah Badawi seemed to think that he was more open and more democratic but what had he brought us? He was the dumbest PM we ever had with his unfulfilled promises to fight corruption and creating towering individuals! Instead we had his son in law dictating and monopolising government contracts in his selfish building of a political base. His ambition? To be PM by the age of 40, what a cheek! Now he appears as if he is for good ethnic relations, coming to the defence of Wee Ka Siong, in actual fact he was behind that pathetic “kris raising stance” of Hishammuddin who was the preceding UMNO youth head! It was a dark period for Malaysia as I see it!

Tun Mahathir might have appeared autocratic but his relatives were not taking advantage of his position.

Under Tun Mahathir, “towering icons” were created and now we have KLIA. Petronas Twin Tower, Sepang circuit, LRT and highways, north-south, east-west and PROTON, our own little car industry and of course those privatised entities like Telecom and Tenaga. He was visionary. We had that feel-good factor and the FDI was abundant , well ahead of our neighbours! It took an incompetent man to spoil all these achievements. This is what you get when a person gains a place in the party on the strength of personalities of his father and grandfather. His university degree in some easy field should have alerted people of what sort of an achiever he was. In a way, Tun Mahathir was also to blame for choosing this stupid man as his successor.

AAB’s or known to most bloggers as BODOHWI, incompetence had led to the likes of DAP, PAS and Parti Keadilan Rakyat to gain so much ground in the country, shaking its stability. If the way they gained so much political ground is based on better economic prospects, the FDI would not have contracted for long.

In the end we all suffer the effects of this flight of FDI. Just look at our stock market, it is the least performing stock market in the region. I hope those supporting change along ethnic lines are happy with this development. But please remember that the most affected are the poor people who lose their jobs from those factories and other economic activities generated by FDI.

Let us hope that this FDI flight from Malaysia is not going to be the start of a vicious cycle and trap us into economic doldrums. Indeed, politicians on both sides need to be more responsible in their bid to outdo each other. And the present BN leadership should strive to do better while they are in power. Their ongoing antics do not bode well for the country. It is not desirable also when UMNO continues to be over dominant and failing to address the sensitivities of other ethnic groups in this country. For as long as this happens, the silent majority of Chinese and Indians will not support BN and the instability will continue much to our disadvantage.

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