GIVE LOCALS SAME INCENTIVES OFFERED TO FOREIGN INVESTORS: EX-MALAYSIA PM

KUALA LUMPUR (Bernama) - A former Malaysian Prime Minister has urged the government to give local entrepreneurs the same incentives it provides foreign investors.

Dr Mahathir Mohamad said on Wednesday Malaysia should not depend too much on foreign investors and should focus on the private sector which he said is truly booming.

When it comes to attracting foreign investment, Dr. Mahathir said Malaysia is already losing to neighbouring countries like Thailand, Cambodia, Vietnam and Laos among others which offer cheaper labour.

He said Malaysia is overly reliant on foreign direct investment.

"We keep talking about it as if it is the only way. We have not been really nice to our own entrepreneurs, but now we have a lot of Malaysians with a lot of money," he said before launching the fifth edition of the Malaysia 1000 Directory published by BASIS Publications House in collaboration with national news agency Bernama and the Malaysia External Trade Development Corporation.

Dr Mahathir said foreign investors have been benefiting from a 10-year tax holiday and subsidised water and electricity.

"However, this does not bring any loss to the country. We do not mind because, in the meantime, they hire our people and our people can learn their technology," he said.

Dr Mahathir said the private sector should take the opportunity afforded by global uncertainties to buy small and medium enterprises in developed countries.

He said the private sector should identify the enterprises and bring them back to Malaysia to generate income for the country.