High value, not high-tech will refresh investment

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From Geoffrey WilliamsThe announcement that the international trade and industry minister Azmin Ali will table a Cabinet paper on Malaysia’s new investment policy this week is welcome news.Less welcome are reports that it focuses on innovation, technology and digital investments which raises concerns that it might miss the target in creating wider value in the economy.The announcement comes hard on the heels of Microsoft’s US$1 billion (RM4.1 billion) five-year investment in Malaysia which is expected to generate US$4.6 billion in revenue and create around 19,000 jobs for Malaysians, including 4,000 related to information technology (IT).While this investment signals foreign investor confidence in Malaysia, we must also clarify whether the RM19 billion in revenue will benefit Malaysians more widely or whether it will just be absorbed into Microsoft’s global revenue stream.When…