ID :
151822
Tue, 11/30/2010 - 16:06
Auther :
Shortlink :
https://oananews.org//node/151822
The shortlink copeid
MSIA NEEDS TO CHANGE STRATEGY TO ACHIEVE VISION 2020, SAYS DR M
KUALA LUMPUR, Nov 30 (Bernama) -- Former prime minister Dr Mahathir Mohamad said Malaysia needs to change strategy to achieve Vision 2020.
The old idea of attracting direct foreign investment cannot be depended upon anymore and Malaysia needs to focus on churning out more action plans to attract domestic investment.
"To achieve transformation, there are a lot of things to be done in order to achieve a prosperous and high-economy income. We need to think about domestic investment.
"In Malaysia, we allow the foreigners to come and benefit from our low-cost labour and subsidies, and the time has come for us to change and support local industries," he said at the Malaysia-Europe Forum here Tuesday.
He said incentives could be given to capable domestic investors to attract them to invest at home.
"The government seems to be aware of this and has indicated that local industries be given help and support so as to grow and become world class.
"During the years of foreign industrial investment, Malaysia had learnt much about manufacturing and worldwide marketing. With a little help, Malaysian industries would be able to grow and replace FDI (foreign direct investment) for economic development," he added.
Provided the switch to dependence on domestic investment is followed by active support from the government, there would be every possibility for Malaysia's income to be high enough to achieve the Vision 2020 target of becoming a developed country, he said.
The old idea of attracting direct foreign investment cannot be depended upon anymore and Malaysia needs to focus on churning out more action plans to attract domestic investment.
"To achieve transformation, there are a lot of things to be done in order to achieve a prosperous and high-economy income. We need to think about domestic investment.
"In Malaysia, we allow the foreigners to come and benefit from our low-cost labour and subsidies, and the time has come for us to change and support local industries," he said at the Malaysia-Europe Forum here Tuesday.
He said incentives could be given to capable domestic investors to attract them to invest at home.
"The government seems to be aware of this and has indicated that local industries be given help and support so as to grow and become world class.
"During the years of foreign industrial investment, Malaysia had learnt much about manufacturing and worldwide marketing. With a little help, Malaysian industries would be able to grow and replace FDI (foreign direct investment) for economic development," he added.
Provided the switch to dependence on domestic investment is followed by active support from the government, there would be every possibility for Malaysia's income to be high enough to achieve the Vision 2020 target of becoming a developed country, he said.
