Instead, Finance Minister Lim Guan Eng said the project, if ever implemented, would be funded by private investments.

“If it comes from private (investments), then there will not be a problem,” he said when winding up the debate on the Supply (Reallocation of Appropriated Expenditure) Bill 2018 at the Dewan Rakyat sitting here today.

Prime Minister Dr Mahathir Mohamad in his speech at the 24th International Conference on the Future of Asia, or Nikkei Conference, in Tokyo last June, expressed his ambition to start a new national car project, saying that Proton, which he founded in 1983, was no longer a national car.

Meanwhile, Lim said Malaysia remained an attractive country for foreign investors despite concerns over international crises, including the collapse of the Turkish lira by up to 20% against the US dollar.

He said foreign investors were flocking to Malaysia after realising the importance of the federal government’s adoption of a policy of accountability and transparency in reforming the country’s institutions, as well as being investor-friendly without forsaking the interests of the people.

“Last week was the second consecutive week in which foreign investors became net buyers in the Malaysian equity market.

“Not only are foreign investors confident in the strength of the Malaysian economy, consumers’ confidence has also risen and this will support the growth of the country’s economy,” he said.

Lim said among Asean economies, the FTSE Bursa KLCI was the only stock market registering a positive run for the year until Aug 10, a gain of 0.5% year-to-date, based on a report received from the Securities Commission.

Meanwhile, he said the finance ministry would table the Sales Tax Bill 2018 and the Service Tax Bill 2018 in the Dewan Negara on Aug 20.

Asked by the media at Parliament lobby on the likelihood that the bills may not get the Dewan Negara’s approval, he said, “I will answer that on the 20th (of August).”