Economy At Its Best Due To Government's Wisdom, Says Minister

KOTA BAHARU (Kelantan, Malaysia), May 14 (Bernama) -- Malaysia's economy is at its best due to the government's wisdom not to rely on outsiders to succeed, Minister in the Malaysian Prime Minister's Department Nor Mohamed Yakcop said Monday. He said in the old days, the country was dependent on selling commodities like tin and rubber to developed countries but now, it had diversified its sources of income and no longer focused on those countries. "Those times have passed. "Now, we are an industrialised country, having diversified our economy. Our focus includes countries like China, India and Arab nations whose economic growth are as high seven per cent. "If we pay attention to the US, Europe and Japan only, surely the country would have been adversely affected if they are experiencing economic problems," he told reporters after launching Aspirational Tour 2012 here. Nor Mohamed said Malaysia's economy would grow five per cent this year if all quarters took part in government efforts. "We also do not rely too much on exports, but domestic factors also play a key part in generating the economy of our country," he said. He said the country's expertise in infrastructure development also provided opportunities for the export of services to other countries such as in highway construction. "Contracts are plentiful elsewhere and it seems, this gives the country opportunities to move forward," he said. Nor Mohamed also refuted claims of shortage of funds for future development of the country, saying that last year, tax receipts alone had reached RM26 billion. "We have plenty of funding available for essential projects and also to ensure the people are not affected by price increases through the provision of subsidies," he said. -- BERNAMA