KUALA LUMPUR: The architect of Vision 2020 Mahathir Mohamad has again cast doubts on whether the goal of this grand plan – to transform Malaysia into a fully developed nation – is achievable.
The former prime minister thinks the goal is unattainable if the nation continues to focus on foreign direct investments (FDI).
"My fear is that Vision 2020 is not achievable; maybe a little later, but not in 2020. It will not be achieved if we continue to solicit FDI,” he said here today, reaffirming a position he has been holding these recent months.
He said Malaysia should restructure and adopt a different strategy, specifically focusing on domestic direct investments.
"Vision 2020 is good. We should not have a different vision. At the moment, we are still talking about FDI. We go to other countries and talk about FDI but countries like South Korea and Japan did not depend on FDI and yet they grew faster than us," he told delegates at a forum organised by the Perdana Leadership Foundation to discuss the goals of Vision 2020.
He said the South Korea and Japan had acquired knowledge from abroad, set up their own companies and got their own companies to employ the strategies and technologies to build up their industries.
"We are used to FDI for a very long time. Before FDI became known to the world, we already had foreign investors coming here. We succeeded and this attracted foreign workers. We continued with this policy because we became addicted to it. We continued wanting FDI, and most (investors) came here because of the low-cost labour. We did well until other countries started it, " he said.
"Today, we are not getting much. I have some ideas but unfortunately I stepped down. I only have myself to blame," he said.
Bangsa Malaysia
Mahathir said Malaysia probably needed more time and would need growth from within, adding: "If investors are local, they will be able to keep the money local; if foreign, they will want to remit profits to their own countries and that won’t help us to grow."
He said Malaysia has a lot of potential for growth and with incentives, many local players could turn world class.
Mahathir said one of the problems was that Malaysians detested local products.
"Try to produce something innovative, original and Malaysian, and people just won’t buy. For instance, there was a Malaysian company producing local products; the products didn't sell well but when they were taken to Europe, and sold at a higher price, the products suddenly became acceptable because they are foreign," said Mahathir.
He also said the creation of Bangsa Malaysia or the Malaysian race, part of the nine objectives of Vision 2020, would take take a longer time to achieve.
"The creation of Bangsa Malaysia is a tricky thing. At the moment, people are arguing on a very racial basis. That includes me. I think to create a real Bangsa Malaysia will take a longer time."
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