KUALA LUMPUR (Nov 19): Government-linked companies (GLCs) have planned to bring back overseas assets amounting to RM627 million in the second half of 2015 (2H15) under the GLC Transformation programme, said Prime Minister Datuk Seri Najib Razak.

Najib, who is also Finance Minister,  said the move is temporary to focus on strengthening the country's economy.

"When the situation is more stable, the local companies have to re-invest overseas to increase their profit margin, broaden their market and explore new source of growth," Najib told Parliament in a written reply to Parit MP Datuk Mohd Zain Abu Hasan, yesterday.

Mohd Zain had asked the Finance Minister to state whether the approach of asking the GLCS to bring back their funds invested abroad to support the ringgit, was a smart move as a short-term and long-term solution.

On the rationale of the move, Najib said the government has taken a proactive move to urge the GLCS to give more importance to domestic investment and defer assets purchase overseas in Dec 2014.

He said that the in Dec 2014, the crude oil price was quoted at US$62.16 a barrel, compared with US$109.68 per barrel in May 2014.

He added that after taking into consideration, the scenario, the government was of the view that the domestic investment should be enhanced to continue to generate and support the economic activities in the country and reduce outflow of foreign investment.

In view of this, the government has urged the companies owned by the government and linked to government, as well as statutory body and its subsidiaries, to focus on domestic investment, he further said.