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Mahathir to revive Malaysia Inc concept

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Malaysian Prime Minister Mahathir Mohamad said on Friday his administration will revive the concept of Malaysia Incorporated (Malaysia Inc)he first introduced in his previous tenure as premier.

[KUALA LUMPUR] Malaysian Prime Minister Mahathir Mohamad said on Friday his administration will revive the concept of Malaysia Incorporated (Malaysia Inc)he first introduced in his previous tenure as premier.

"We are reviving the concept of Malaysia Incorporated," Dr Mahathir said in a speech at the 72nd annual general meeting of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCIM) .

"Malaysia will be regarded as one huge corporation where the Government and private sector work to ensure the success of our cooperation."

Dr Mahathir introduced the Malaysia Inc concept early in his first run as premier from 1981 to 2003 to encourage cooperation between the public and private sectors.

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The concept - essentially a privatisation policy to spur economic development through the close cooperation of the public and private sectors - transformed Malaysia from an agriculture-based economy into a rapidly industrialising and trading nation in less than a generation.

He said reviving Malaysia Inc will be something that the Government will implement in the near future.

"Today, Malaysia is still in the process of recovering. It takes time. Not too long, but it takes time for us to achieve a complete reversal of the wrongs committed in past.

"But rest assured we are determined to do so and we need feedback from the business community so that what revision we do will be good for the country and business community," he said.

Dr Mahathir praised the country's business community for their efforts to help Malaysia achieve continued development.

"We accept that the business community will be the greatest contributor to enriching this country, and now we see ACCCIM, which was an association of Chinese Chamber members, expanding to cooperate with other Chambers including the Malay, Indian and international business chambers," he added.

THE STAR/ASIA NEWS NETWORK

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