KUALA LUMPUR, April 4 — The public and private sectors must see themselves as working to achieve a common goal which is the growth, development and prosperity of Malaysia, for the Malaysia Incorporated (Malaysia Inc) concept to be successful.
Prime Minister Tun Dr Mahathir Mohamad said attitudes on both sides must reflect mutual cooperation, trust, and understanding, as it will not do for the private and public sectors to be confrontational with each other or to see each other as competitors.
“The public sector must not put up bureaucratic roadblocks that hinder potentially beneficial projects or economic progress. The government needs to ensure that bureaucratic procedures and requirements do not stifle innovation and progress.
“On the business side, there are rules and guidelines put in place to safeguard public interest, for example, laws regarding factory emissions, waste disposal, and zoning.
“The private sector needs to respect these to ensure public health and safety is never compromised,” he said in his closing keynote address at the Perdana Leadership Foundation CEO Forum 2019 here, today.
The prime minister also said the Malaysia Inc does not mean profits gained at the expense of neglect of human, environmental, and social factors.
He said Malaysia in fact, has committed to achieving the United Nations’ Sustainable Development Goals and within this context, development must go hand in hand with the well-being of people and the environment.
“The government is business-friendly and the Malaysia Inc concept emphasises the need for the private and public sectors to work with each other to drive the economy forward and upward.
“The government exists to give support to the business community and to create the framework and guidelines necessary for the harmonious development of the economy,” he added.
Dr Mahathir said the revival of Malaysia Inc is to drive home the point that Malaysia needs both the private and public sectors to work together to become a fully developed nation.
For the private and public sectors to cooperate in a spirit of trust, he said, there needs to be more open and frequent communication between both, with the private sector invited to give their opinions in consultative sessions related to business policies with policy-makers, and business owners being more in tune with the government’s economic plans and goals.
He said there are three main components of Malaysia Inc, namely the need for the public and private sectors to work with each other in a spirit of mutual support and understanding, the need to realise that growth and prosperity should not come at the expense of the welfare of the citizens of the nation, and the need for regular interaction and communication between them.
The prime minister said the government is also committed to creating a healthy eco-system for businesses in Malaysia to adapt successfully to the new paradigms of the Fourth Industrial Revolution.
He added that towards this end, the government had introduced various policy frameworks, including Industry 4Ward for the manufacturing sector, and allocations within Budget 2019 to encourage various sectors of industry identified to be growth drivers.
“In this new and challenging economic landscape, we need to arm ourselves with new knowledge and take risks to apply technology, not just to increase output and productivity, but also to create new products and services, new methods and processes.
“With the re-invigorated ideals and hope that we have for this nation, let us, the public and the private sectors, work together to ensure that our beloved nation realises its full potential to become a modern, prosperous and responsible member of the global community,” Dr Mahathir said. — Bernama