Joint panel 'won't look at Singapore investment'

The Straits Times, May 16, 2007


LANGKAWI - MALAYSIAN Premier Abdullah Badawi said yesterday that the joint ministerial committee to be set up by Malaysia and Singapore will not decide on any Singaporean investments in Johor's Iskandar Development Region (IDR).

He told Malaysian reporters this after Prime Minister Lee Hsien Loong left for Singapore after their retreat.

As Datuk Seri Abdullah put it: 'As far as investment is concerned, it is not for the committee to decide. We have other bodies to decide on (such) proposals.'

Instead, the committee will look into such matters as how to speed up access between the IDR and Singapore.

Said Datuk Seri Abdullah: 'I do not know what Singapore wants to invest in...Like any other investors from any part of the world, (if) they have proposals to invest, they have to go to the same body.'

Among other things, foreigners keen on investing in Malaysia must first apply to the Foreign Investment Committee of the Economic Planning Unit in the Prime Minister's Department for approval.

He then said: 'They (Singapore) have the money and they are serious about it. I see no reason why you must stop Singapore. Give me one good reason why should I stop Singapore (from investing).'

Responding to a question as to whether he discussed outstanding bilateral issues with Mr Lee during the retreat, Datuk Seri Abdullah said both countries will negotiate these 'difficult' issues after dealing with more urgent matters.

As he told Malaysian reporters last night: 'We don't want to get blocked while trying to resolve these issues, while there are other things that we would like to do.'

The outstanding bilateral issues include the price of water sold by Malaysia to Singapore, Central Provident Fund withdrawals by Malaysians and the use of Malaysian airspace by the Republic of Singapore Air Force.

BERNAMA