Malaysia Only Selects Quality FDIs, Says M'sian PM

KUALA LUMPUR, May 24 (Bernama) -- Malaysia is now more selective in its search for foreign direct investments (FDI) with focus placed on quality investments which will facilitate the country's transition into a high-income economy, says Malaysian Prime Minister Najib Razak. He said the government was looking for quality FDIs which brought with it high-technology, green and alternative energy technologies, and knowledge intensive industries. "These are the kind of technologies we need to make the transition from a middle-income economy into a high-income nation," Najib said at the APEC Business Advisory Council Gala Dinner Wednesday night. His speech was delivered, on his behalf, by Malaysian Deputy Prime Minister Muhyiddin Yassin. Also present were International Trade and Industry Minister of Malaysia Mustapa Mohamed and his deputy Mukhriz Mahathir. The prime minister said besides quality FDIs, the government was also adopting a culture of competitiveness and innovation. "To make the transition from developing to developed status, we need to change the way we think and the way we do things. "Changing the way we do things is not difficult. Tell someone how to do something or give him the tools to do it and he will get it done. But knowing what to do in the first place is more difficult. "It requires originality of thought and it also requires people to be creative and innovative," he added. Najib also encouraged the people to develop a culture of competitiveness, a way of thinking that valued continuous improvement. "If we do not strive to be competitive, especially in business, it will be difficult for us to compete in the international arena as a nation," he said. The premier also said Malaysia would continue to engage in free trade agreements to take advantage of the opportunities offered by globalisation. "We believe in free trade and the dismantling of protectionist barriers. "We have progressively reduced tariff barriers and facilitated foreign participation in our economy. "We have pursued this agenda in Asean and through the free trade agreements we have signed with a number of countries," he said, adding that Malaysia welcomed investors from APEC countries to take a close look at investment opportunities in Malaysia. -- BERNAMA