HOME-GROWN ENTREPRENEURS IMPORTANT FOR M'SIAN ECONOMIC FUTURE - MALAYSIAN PM

From Muin Abdul Majid

JEDDAH, Jan 16 (Bernama) -- Malaysia should not be overly-dependent on
foreign companies in building its economic future because what is more
important is grooming home-grown entrepreneurs willing to take on industries of
the future, Malaysian Prime Minister Najib Razak said.

Najib said this would be part of the new economic model for the country
whereby Malaysian companies would be nurtured to become not only domestic but
also regional and global champions.

"We'll continue to attract foreign investments into our country but at the
same time we should take a leaf from successful models like the one represented
by South Korea," he said.

Najib pointed out that South Korean companies like Samsung and Hyundai had
managed to catch up with their business rivals in certain areas.

He was speaking at an event here Friday night attended by the Malaysian
business community organised in conjunction with his official visit to Saudi
Arabia.

Elaborating, the prime minister said entrepreneurs of the future should
move away from traditional industries that may prove not to be sustainable in
the long run.

"They should instead take up industries that can grow not only in our
country but also at regional and global levels," he said.

Najib stressed that Malaysian companies had what it takes to be successful,
even in far-flung corners of the world.

He said he came across one such firm during a visit to Trinidad and Tobago
last year.

The prime minister also mentioned about a Malaysian company that had been
successful in getting business from overseas, quietly racking up orders worth
billions of ringgit.

"This goes to show that Malaysian companies have the ability to compete
with other companies, to go out there and do whatever it takes to be
successful," he said.

Najib said the new economic model would continue with efforts to identify
new business opportunities overseas without neglecting the need to develop the
domestic economy.
-- BERNAMA


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