AS MALAYSIA LOSES IN THE RACE FOR FDI – LAUGHING STOCK OR NOT, MAHATHIR SAYS ‘WE NEED TO BE IN CONTROL OF TECHNOLOGY, TARGET THE GLOBAL MARKET & NOT RELY ON FDI’ – YET HAS HE TRAINED HIS CITIZENS TO BE SMART & TALENTED? THOSE WHO ARE HE HAS CHASED AWAY WITH RACIST & SHORT-SIGHTED POLICIES, THOSE WHO REMAIN NOW STRUGGLE UNDER ONE BATCH OF GREEDY POLITICIANS AFTER ANOTHER – WHO TO BLAME IF MALAYSIA NOW VIEWED AS A COUNTRY WITH NO FUTURE?

Dr Mahathir says Malaysia cannot continue to depend on FDI

KUALA LUMPUR — Former prime minister Tun Dr Mahathir Mohamad is of the view that Malaysia cannot be too dependent on foreign direct investment (FDI) if it wants to achieve developed nation status.

He said the country needed to be in control of technology and targeting industrial production for the global market such as being done by other Asian countries including China, Japan and South Korea.

“We (Malaysia) depend on foreign investors, (they) build factories which do not belong to us (Malaysia). All profits are repatriated (to their countries) and we (Malaysia) do not get the technology completely,” he said during the “Minda Profesor Negara” programme organised by the National Professors Council (MPN).

The programme titled “Future of Malaysia: Where are we heading?” was shown on MPN’s social platform, Facebook.

Meanwhile, MPN president and chief executive officer Professor Datuk Raduan Che Rose said according to his research on the transfer of technology by multinational companies in Malaysia, the country was being used more as a production plant.

“All the research, strategic matters remain with the respective countries. The mistake was perhaps in the early stages before when we were desperate to create jobs at the manual level,” he said.

— Bernama

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