Dr M: Middle-income Malaysia cannot rely on FDI

Dr M said currently which Malaysia could right away precedence upon internal funds as well as expertise to begin brand brand brand new industries, take brand brand brand new technology as well as develop brand brand brand new products. file pic

PETALING JAYA, Aug twenty-seven Malaysia should not rely upon unfamiliar direct investment (FDI) to expostulate the economy as it can no longer compete with low-cost countries similar to Vietnam as well as China, Tun Dr Mahathir Mohamad said today.

The Ministry of International Trade as well as Industry (MITI) has said which FDI accounts for 70 per cent of investments but it is working towards the 50:50 relation by enlivening some-more internal investments.

We cannot wait for for unfamiliar investors to come simply because unfamiliar investors have got the choice.

They can go to Vietnam or China or Thailand or the Philippines or Indonesia, where work is cheaper, the former budding minister told the little 150 Tesco staff as well as suppliers here currently during an senior manager harangue organised by the hypermarket chain.

Dr Mahathir said which while Malaysia previously had no preference but to rely upon FDI due to lack of capital, technology as well as knowledge of the world market, it could right away precedence upon internal funds as well as expertise to begin brand brand brand new industries, take brand brand brand new technology as well as develop brand brand brand new products.

Putrajaya has set the target of RM1.4 trillion in investments until 2020 to generate RM1.7 trillion as well as safe Malaysia in to developed nation status.

MORE TO COME