North Korea move won't affect foreign investments - Azmin

KUALA LUMPUR: North Korea's decision to sever diplomatic ties with Malaysia will not affect foreign investments into the country, said Senior Minister Datuk Seri Mohamed Azmin Ali.

Azmin, who is also International Trade and Industry Minister, said this is because what we have done (extradition of a North Korean citizen to the United States) is based on law including international law.

"This is also observed by foreign investors on whether Malaysia is taking action in line with the provisions of the Constitution and the provisions of the law.

"So if we uphold the Constitution and national and international laws, I do not expect it to affect (foreign investments). In fact, Malaysia is still a very popular investment destination among foreign investors," he told reporters after the COVID-19 Special Contribution Handover Ceremony for schools under the Gombak parliamentary constituency, donated by Texas Instruments Malaysia Sdn Bhd here today.

Elaborating, Azmin said as proof that Malaysia remained the destination of choice for foreign investors, Malaysia would receive new investment from a South Korean company worth RM2.3 billion to build an electric vehicle battery production plant in Sabah.

"Tomorrow I will go to Sabah with Prime Minister Tan Sri Muhyiddin Yasin who will witness the new investment agreement from the company from Seoul.

"This is the company's first facility outside South Korea and it chose Malaysia to develop its plant using green technology," he said.

Azmin said that recently, the largest paper and paperboard manufacturer in Asia, Nine Dragons Paper (Holdings) Ltd, announced it would increase its investment by RM5.4 billion in Malaysia.

"This will have a positive impact on the workforce sector in Malaysia where the people will get quality jobs with better incomes.

"This is all convincing evidence that Malaysia is still a destination for foreign investment because of the stability and prosperity of the country as well as skilled workforce who can master several languages, among the factors foreign investors come to Malaysia," he said.

On March 9, the Federal Court rejected the appeal of North Korean businessman Mun Chol Myong from being extradited to the United States on money laundering charges and yesterday Pyongyang announced it would end diplomatic relations with Kuala Lumpur because of the court's decision.

-- BERNAMA