INVESTMENT-promotion officials and industry experts know it could take from several months up to a few years to conclude a single foreign direct investment deal. The global FDI scene is one of hyper competition and the process of attracting and finalising an FDI project is lengthy and complex.

In the light of this, the recent claims of massive FDI success by the heads of Pakatan Rakyat (PR) states within months of coming to power have been justifiably greeted with scepticism by industry experts.

Lim Guan Eng, chief minister of Penang, and a politician not unknown for making outrageous statements, announced within three months of assuming office that his government had attracted more than RM1.5 billion in FDI and hoped to exceed RM3.1 billion by the end of this year.

The Penang CM also claimed credit for the investments from Ibiden and Honeywell, FDI projects that were actually announced several months before the present government came to power.

Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim, determined not to be outdone, took FDI success to another level by claiming to have attracted RM32 billion from a single investment trip to Dubai. What is even more ludicrous is his claim of achieving such an investment coup within 100 days of becoming the chief executive of Selangor. He later announced the securing of a further RM5 billion from a German company in the Selangor Science Park 2.

If such claims are to be believed, then Selangor’s FDI alone would exceed the national FDI figure for last year (US$9.4 billion) and overtake most Asian countries this year.

The claims of the Perak leaders are no less impressive, with Menteri Besar Datuk Seri Mohammad Nizar Jamaluddin expecting RM16 billion of FDI in the next two or three years. State executive councillor and Perak DAP chief Nga Kor Ming was even more optimistic, claiming to bring in RM21.8 billion within two months of forming the state government.

PR leaders must realise that in the Information Age, people are far better educated and knowledgeable. Giving out misleading information and claiming credit for the efforts of the previous administration is tantamount to deceiving the rakyat. It is highly irresponsible of PR leaders to resort to such misleading claims after making election-manifesto prom-ises of more transparent, responsible and accountable governance.

CALVIN SANKARAN, Bukit Mertajam

Source: NST – August 6, 2008