Malaysia as a trading nation will continue to welcome foreign direct investments (FDIs), said Prime Minister Tun Dr Mahathir Mohamad.
"Foreign investment is very important to us because we ourselves do not have enough capital, we do not have the technology, the management skill of big industries and knowledge of the market for all these products. It is the foreigners who invested in Malaysia who introduced us to the skills of manufacturing for the world market," he said in his speech at the opening of the Associated Chinese Chambers of Commerce and Industry of Malaysia's (ACCCIM) 72nd AGM today.
He said FDIs are still important although Malaysians have developed great skills in developing the country, which is proven by the many homegrown factories that are owned by Malaysians without any foreign investments involved.
"Because we know there are new technologies being developed and these technologies must be mastered if we are going to compete with the rest of the world," he added.
Mahathir said the government wants to see foreigners with their capital and technological know-how, come to Malaysia to set up factories employing Malaysians so that there will be a transfer of knowledge.
He said the trade wars going on between big nations could provide new opportunities for Malaysia as these nations would need new places and partners with whom to trade and also to avail themselves of the facilities to manufacture and produce goods.