APPENDIX F
OVERSEAS INVESTMENT
EXTRACT PROM THE ADDRESS OF HIS BXCELLENCY THE HIGH COMISSIOIONER
DELIVERED TO THE FEDERAL LEGISLATIVE COUNCIL ON
NOVEMBER 30TH, 1955
".... I am glad to say that Malaya has always enjoyed a good reputation in the past as a reliable and creditworthy borrower, and to affirm that it is, and will remain, the policy of the present Government to maintain that reputation."
"While I am discussing such issues ... there is another matter to which I should refer, and that is the role of overseas capital and private enterprise in the present and future development of the country. It is common knowledge that external capital and private enterprise have played a conspicuous part in the development of the Malayan economy, and it is no less than my duty at the present time of change and evolution in our political and constitutional affairs to make it clear that the Federation Government willingly recognises the contribution which overseas capital and enterprise have so made ... to the economic and social well-being of the country as a whole,"
"It is also the view of the Federation Government - and I would remind you that I speak today on behalf of the Government as now constituted - that such capital and enterprise have no less an important role to play in a new and independent Malaya of the future. It is therefore, and will remain, the policy of the Government to accord such industry and enterprise fair and considerate treatment; to foster an atmosphere in which the overseas investor who is genuinely concerned with the development on sound lines of the country's productive resources can invest and conduct undertakings in this country without fear of discrimination or unfairness; and, last but not least, to continue the present policy whereby the overseas investor can, after payment of local taxes and obligations, remit to his country, within the framework of ordinary, and reasonable Exchange Control requirements, funds for the payment of dividends and for the repatriation of his capital."
"In return, the new Government looks with confidence to those overseas enterprises which work in this country to identify themselves closely with the interests, aspirations and sentiments of the new and self-governing Malaya of the future; that is, to take example, by training young Malayans for technical and managerial posts; by re-investing in this country a reasonable proportion of profits earned in years cf prosperity; and, finally, by transferring to Malaya whenever possible the effective seat of direction of undertakings whose sole or principal seat of activity is in this country...."
