KUALA LUMPUR, June 11 — Prime Minister Datuk Seri Anwar Ibrahim said the government is responsible for fostering local industries to build the internal strength of the country.

He said although foreign investment has been flourishing and the trade aspect is appealing, investors need to recognise the strength of the local industry.

“When we talk about investing in the industrial, digital, energy, and artificial intelligence (AI) sectors, the approval process for investors needs to be expedited through collaboration with local industries,” Anwar said in his keynote speech at the Industry Excellence Award 2024 ceremony, here today.

Anwar said through the discussion at the National Investment Council meeting, the government also paid attention to the complaints and proposals submitted by the local industry.

Advertisement

“We are not living in a comfortable space or a culture of contentment or complacency.

“During the meeting, we identify our shortcomings and weaknesses, what we should do to improve... what else we hear from the industry and investors that we should review and work on,” he said.

Anwar stressed that the country has achieved various advances but still does not match the strengths of neighbouring countries such as Singapore, Indonesia and Vietnam.

Advertisement

“We are no longer in a comfortable space so we compare and see what is special and the strengths of our neighbours who compete with us and we identify the problem and we emphasise the need for change,” he said. — Bernama