The government of Malaysia will revive the concept of Malaysia Incorporated (Malaysia Inc) that was first introduced by Tun Dr Mahathir Mohamad in his previous as Prime Minister.
“We are reviving the concept of Malaysia Incorporated.”
“Malaysia will be regarded as one huge corporation where the Government and private sector work to ensure the success of our cooperation,” Dr Mahathir said in his speech at the opening of the 72nd annual general meeting of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCIM) here on Friday (July 20).
The Star reports, Dr Mahathir introduced the Malaysia Inc concept when he first served as Prime Minister to encourage cooperation between the public and private sectors.
Dr Mahathir praised the country's business community for their efforts to help Malaysia achieve continued development.
“We accept that the business community will be the greatest contributor to enriching this country, and now we see ACCCIM, which was an association of Chinese Chamber members, expanding to cooperate with other Chambers including the Malay, Indian and international business chambers,” he added, as quoted by The Straits Times.
In his speech, the Prime Minister also gave the assurance that Malaysia will continue to be a business-friendly nation, and will not be corrupt, in a bid to attract more inflows of foreign and domestic direct investments.
He said the new government plans to enhance anti-corruption practices to ensure a clean business environment and fair play.
Dr Mahathir added that Malaysia, a trade-dependent country, must never reject foreign direct investments as there would always be new inventions and products that the country has no knowledge of.
"Today, we see many factories in Malaysia (which are) started, owned and operated by Malaysians without any foreign investments, but we still need foreign investments because we know that there are new technologies being developed and must be mastered if we are going to compete with the rest of the world," he said.
