New gov’t will be business-friendly, not corrupt, says PM

KUALA LUMPUR (July 20): Prime Minister Tun Dr Mahathir Mohamad said today that under Malaysia’s new government, the nation will be business-friendly, and will enhance anti-corruption practices, in order to attract inflows of foreign and domestic direct investments. 

To foster close cooperation between the private sector and the government, the Malaysia Incorporated (Malaysia Inc) policy will be revived. 

"This government is a new government and it will be business-friendly. It will not be corrupt. I know some business people are worried if they deal with a person who is corrupt, some retaliation might occur by the person concerned or his colleagues,” he said, as reported by Bernama. 

"We will protect you from any retaliation. We want a clean government and I believe so do you." 

Malaysia Inc, introduced in 1981, is based on the belief that overall development and economic growth can be facilitated by strong cooperation between the private and public sectors. 

"Today, we see many factories in Malaysia, 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, according to the news agency. 

Dr Mahatir also acknowledged that it would take time for Malaysia to recover from the wrongs that were committed in the past.

"Rest assured that we are determined to do so and we need the feedback from the business community so that what we do, will be good for the country and certainly for the business community.

“We accept the fact that the business community will be the greatest contributor towards enriching this country," he said. 

Draconian laws that were not in line with most of the country’s development would be replaced by new laws, and the new government had made significant progress in the administration, he said. 

"When I became the Prime Minister in 1981, there was little work to do. All I need to do was to fill in empty slots with people who already have experiences to run the government. 

"Today, we have to rebuild the government because so many things have been destroyed. It is very difficult and time consuming for us to run the government during the initial stages.

“With this, we need your support and have faith in us. Give us time to correct the mistakes in the past," he said, reported Bernama. 

Dr Mahathir is optimistic about the country’s return to the democratic system, and the rule of law.

"This is very important because no country, which is unstable and does not follow the rule of law, can ever prosper.”