Japan to study Dr M's request for 'yen credit'

Prime Minister Dr Mahathir Mohamad has requested for "yen credit" from his Japanese counterpart Shinzo Abe who has agreed to study this request.

"I have explained the financial problem facing Malaysia and towards solving this financial problem, I have requested for yen credit from Japan.

"Mr Abe has agreed that they would study this request," said Mahathir during a joint press conference with Abe in Tokyo.

Mahathir did not explain what he meant by "yen credit", although it could signal a policy shift towards borrowing from Japan instead of China.

The first Mahathir administration between 1981 and 2003 was characterised by rapid industrialisation which involved large amounts of financing from the Japan International Cooperation Agency (Jica).

This includes funding for various power plants, hydroelectric dams, rural development projects and also the Kuala Lumpur International Airport (KLIA).

Mahathir, who is currently on his first official visit abroad since coming to power again on May 10, said he had discussed new areas of cooperation with Abe.

Apart from securing more investments from Japan, Mahathir said talks also involved setting up a Japanese university branch in Malaysia.

"We hope to benefit from greater cooperation between Japan and Malaysia as a part of a Look East policy.

"There are many areas where we can benefit from working closely with each other and that includes education, training for our people and also for more investments from Japan and hopefully the setting up of a Japanese university branch in Malaysia."

Abe, who like Mahathir is a two-time prime minister, said renewed Japan-Malaysia relations will involve the development of human resources and technological transfers.

"The Look East policy will be rejuvenated and upgraded to deepen exchange in education, expand human resources development and promote science and technology transfer." -Mkini

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