YAN: Robust funding for disaster risk reduction can enhance Malaysia's appeal to foreign investors, says an expert.
Universiti Teknologi Malaysia Disaster Prevention and Preparedness Centre director Dr Khamarrul Azahari Razak said proactive government investment in disaster risk reduction would demonstrate to foreign investors that their assets were in safe hands.
While the government's RM17 billion allocation under the 2024 Budget marked a significant step forward, Khamarrul Azahari said there was a need for continuous investments to protect the nation from the impacts of geological disasters.
"By investing in disaster risk reduction , you are essentially protecting your assets, securing the environment and indirectly attracting investors.
"We are sending a clear signal to foreign investors that we are well-prepared. Preparedness is key to securing trust that assets, industries and businesses will be protected," he told the 'New Straits Times' at the International Workshop and Field Practices on Disaster Risk Management (IDRM) 2024 here today.
The event, held in conjunction with the third anniversary of the Yan water column disaster, took place at Jerai Hill Resorts and Resilience Living Lab in Yan.
Present were Wangsa Maju member of parliament Zahir Hassan, Yan district officer Maznim Ismail and National Association for Geo-Disaster and Community Resilience chairman Datuk Zakaria Mohamad.
Khamarrul Azahari said additional funding for disaster prevention was crucial as the cost of losses from disasters during northeast monsoon seasons had surged by about 200 per cent since 2015.
He cited the northeast monsoon season in late 2021 that cost the government nearly RM6.1 billion, according to the Department of Statistics Malaysia.
"The losses in Selangor in that season amounted to RM3.1 billion. This is the trade-off — if you don't invest beforehand, you might lose even more after the disaster.
"Given that the level of investment in mitigation projects is not keeping pace with the rate of disasters, there is an urgent need to increase investments."
Khamarrul Azahari said investments in disaster reduction would also promote "safe eco-tourism" in areas prone to geological disasters such as Titi Hayun in Yan.
"Next year's Visit Kedah 2025, followed by Visit Malaysia Year in 2026, aims to attract nearly 26 million international tourists. Among the areas being promoted are our forest reserves, some of which are vulnerable to risk.
"By increasing investments in these areas, we can offer what we call 'safe tourism,' protecting nature and boosting tourist numbers."