Malaysia PM: Investor confidence not hit by 1MDB affair

By P Prem Kumar

KUALA LUMPUR

Malaysia's Prime Minister claimed Monday that speculation surrounding the financial problems of a state-owned development company has not been a stumbling block to foreign investment.

Najib Razak said that despite media claims about 1Malaysia Development Berhad (1MDB) -- Razak is the chief advisor -- foreign investment in Malaysia is on an uptrend as long-term investors buy into the country's economic growth prospects.

"[Foreign investors] take a holistic approach, viewing Malaysia in the light of strong macroeconomic fundamentals like a low unemployment rate, high national savings, adequate foreign reserves and manageable federal debt," he said in a written parliamentary statement.