The Malaysian Government will reinstate the concept of Malaysia Incorporated (Malaysia Inc), which was first introduced by Tun Dr Mahathir Mohamad when he was Prime Minister.
“We are bringing the concept of Malaysia Incorporated back to life.”
“Malaysia will be seen as one big corporation, with the government and the private sector working together to ensure the success of our cooperation,” Dr Mahathir said in his opening speech on the 72nd annual general meeting of the Association of Chinese Chambers of Commerce and Industry of Malaysia (ACCIM) on Friday (July 20).
Star reports that Dr Mahathir introduced the concept of Malaysia Inc. when he first served as Prime Minister to encourage collaboration between the private and non-private sectors.
Dr Mahathir praised the country’s business community for its efforts to further develop Malaysia.
“We accept that the business community will make the best contribution to the enrichment of this country, and now we see that ACCCIM, which was the association of members of Chinese chambers, is expanding to cooperate with other chambers, including business chambers from Malaysia, India and abroad,” he added, as quoted by Straits Times.
In his speech, the Prime Minister also assured that Malaysia will proceed to be a business-friendly and corruption-free country to be able to attract greater inflows of foreign and domestic direct investment.
He added that the brand new government plans to tighten anti-corruption measures to make sure a clean business environment and fair play.
Dr Mahathir added that Malaysia, being a trade-dependent country, should never reject foreign direct investment as there’ll all the time be recent inventions and products that the country is unaware of.
“Today in Malaysia we see many factories that are established, owned and run by Malaysians without any foreign investment, but we still need foreign investment because we know that new technologies are being developed that we need to master if we want to compete with the rest of the world,” he said.
