Judicial independence key for investment, say economists
PETALING JAYA: An economist has backed calls for a royal commission of inquiry on the independence and integrity of the judiciary, as judicial independence has an impact on investments and the economy.
Universiti Tun Abdul Razak economist Barjoyai Bardai said the political and legal environment is an important factor for drawing investment, particularly from overseas.
Questions have been raised over judicial integrity and independence in the country following revelations made by former attorney-general Tommy Thomas in his memoirs. Umno Youth has called for an inquiry into the book and on judicial independence.
There has also been a petition for a royal commission to investigate allegations raised by suspended judge Hamid Sultan Abu Backer two years ago in which he claimed there was misconduct by members of the judiciary in three major cases.
Barjoyai said an inquiry into these issues will also help improve Malaysia’s standing in Transparency International’s Corruption Perception Index which saw a decline in 2020.
Malaysian Institute for Economic Research economist Shankaran Nambiar said judicial independence is important for the economy as investors want to be sure that their investments are safe.
“In case of any dispute, they can seek a considered view in a court of law that is independent, fair, and untainted. If the rule of law is in doubt that could unnerve investors. Investors do not want a legal system where political interests can meddle with the judicial process.”
He said from an economic viewpoint, a country that relies heavily on trade and foreign investments must preserve the supremacy of the rule of law and the independence of the judiciary. - FMT
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