I will never sell Malaysia's sovereignty: PM Najib

"I will never sell Malaysia's sovereignty," he said before launching the opening of China Construction Bank (Malaysia) Bhd here today.

Defending Malaysia's sovereignty, he said, the relations, which were contrary to what local opposition politicians have negatively accused, coupled with other foreign direct investment (FDI) ventures into the country, were in the interest of all, for the rakyat and for partners from abroad.

"Malaysia has long been a country open and friendly to all. The fact that we are a preferred destination for foreign direct investment is a testament to the confidence other countries have in us, whether that be Japan or China, India, Saudi Arabia or even the western countries.

"To turn away these investments (FDI) out of a narrow and foolish belief, and a fundamental misunderstanding of economics, would only be bad for this country," he said.

China has been Malaysia's largest trading partner for the last eight years and President Xi Jinping recently said that the bilateral relations between both nations were at their best ever.

Among the major collaborations between China and Malaysia include the world's first Digital Free Trade Zone, the export of Malaysian pineapples to China and luxury commercial park, The Shore, in Sabah.

"Some people seem to think that it is better to have loss-making companies that are 100 per cent Malaysian owned instead of smaller percentage in a company that stands to gain access into bigger markets, economies of scale and cutting edge technology.

"I ask you, which one will create more wealth and jobs for Malaysians? The answer is obvious," Najib pointed out.

In answering critics who said investments from China was "too much, too fast, too soon", he said, "if you want to delay Malaysia's development, if you want Malaysia to fall behind, and if you don't want jobs to be created or levels of income to rise, then you go and campaign on that platform.

"I will never apologise for facilitating investment in Malaysia."

In conjunction with the event, several memorandum of understanding (MoU) between Malaysian companies and China Construction Bank (CCB) were exchanged.

These included InvestKL and CCB; reminbi clearing agreement between CIMB Cambodia and CCB; ringgit clearing agreement between CCB Group and CCB Malaysia; as well as a tripartite MoU between Malaysia-China Kuantan Industrial Park, Guang Xi Bei Fu Gulf International Port Group and CCB.

Commenting on the newly-launched bank, Najib said the establishment of the branch in Malaysia was very timely, coming so soon after the recently concluded Belt and Road Forum for International Cooperation in Beijing.

"China Construction Bank is one of China's, and indeed, the world''s largest and most reputable commercial banks.

"I am sure it will be able to provide banking and financial services for many of the expanding economic, trade and construction activities brought by the One Belt One Road initiative," he said.

Najib expressed hope that CCB would be one of many banks keen to help finance new projects for enterprising and dynamic Malaysian companies.