FDIs MAY NOT BE SUBSTANTIALLY AVAILABLE IN FUTURE, SAYS DR M

KUALA LUMPUR, Jan 27 (Bernama) –- Local entrepreneurs and companies should
be encouraged to invest in the country rather than depending on foreign direct
investments (FDIs) which may not be substantially available in future.

“The future will see a very different world in terms of economics. We still
talk about FDIs. In future, FDIs are not going to come here or any other
country,” said former Prime Minister Dr Mahathir Mohamad.

He cited the high unemployment rate in the United States as one of the
reasons; “there is 10 per cent unemployment in the US. So, they want their
industries to stay in the US to give jobs to their own people, otherwise there
is going to be a revolution against them.”

"Therefore, corporations from the US are not going to use their money to
come here and create employment opportunities. Besides creating jobs, FDIs
don't fully benefit the country.


“They come here with 10 per cent of their capital. They borrow the money
here. They start industries and pay no taxes and make all the profits, but if
Malaysian companies start here, they are going to stay here, create better jobs
and profits, which will benefit the whole country,” he said during his visit to
I-City here Wednesday.


“(Therefore), you are going to have problems interacting with the
government, I am sorry,” he said when asked on how the private sector can
interact with the government on research and development matters.

On projects, Dr Mahathir said nothing would go to waste if one knew how to
manage them.

“Management skills need to be cultivated. There should be ability to
implement projects, not just say it or launch them,” he added.

-- BERNAMA