MELAKA: Malaysia would need to depend more on domestic rather than foreign direct investments (FDIs) to generate continuous economic growth, said former Prime Minister Tun Dr Mahathir Mohamad.
There are now many local companies capable of stimulating economic growth in the country through their domestic investments, he said.
“Malaysia can no longer depend on FDIs as we are no longer getting many FDIs,” he said in his speech at the Malaysia 2020 Briefing held at a resort in Ayer Keroh here yesterday.
Also present was the Yang Dipertua Negeri Melaka, Tun Mohd Khalil Yaakob and Chief Minister Datuk Seri Mohd Ali Rustam.
Dr Mahathir said there were 14 large local corporations capable of expanding their operations overseas and they could also help drive the country’s economy.
On the part of the government, it could offer more incentives to further encourage domestic investments such as tax exemptions or reduced tax, he said.
He said he was confident Malaysia would be able to achieve a developed nation status by 2020.
Mahathir ,who introduced the 2020 vision for Malaysia in 1990, said the states that have yet to achieve developed status should work hard, including developing the assets in their respective states.
The rakyat must also help the government to achieve the vision by equipping themselves with knowledge and becoming highly-paid skilled workers, he said.— Bernama