KUALA LUMPUR: A former second finance minister has cautioned the government to be wary of investors who sign memorandums of understanding (MoUs) purely for the sake of publicity.

Johari Ghani (BN-Titiwangsa) told the Dewan Rakyat that investments that do not materialise several years after MoUs are signed should be placed on a keep-in-view (KIV) list so other investors could come in.

“Sometimes there are other investors who are interested in coming to our country, but they do not know which investments have already been approved, so they do not want to compete (with others) because our country is small.”

He said this was why the government must be wary of investors that are only trying to create the perception that they are expanding their businesses overseas but could not execute their plans.

“The time spent to approve these investments is crucial,” Johari said.

Meanwhile, Johari lauded the government’s move to establish the Investment and Trade Coordination Action Committee (JTPPP), saying it will play an important role in ensuring all approved foreign direct investments (FDIs) can be realised.

“(This will ensure that) if the investments do not materialise, it is not because of us (Malaysia) but the investors themselves.”

Earlier, in his winding-up speech, investment, trade and industry minister Tengku Zafrul Aziz said the JTPPP would monitor investments and resolve issues faced by investors.

The JTPPP will report directly to the National Investment Council, chaired by Prime Minister Anwar Ibrahim.