Business schools in Muslim countries must teach new ways in doing business to their students and encourage them to go for goods production, says Mahathir.
Former prime minister Tun Dr Mahathir Mohamad said over the years, Muslim countries had become users and buying products from others such as the western countries.
He said producing goods and providing services such as hotels and consultations were the real business which could contribute more profits to Muslim countries.
“Selling money and buying shares are not real business. We should go into real business, producing things to sell to the market.”
Mahathir said this in his keynote address at the opening of the First Convention of the World Association of Business Schools in Islamic Countries (WAiBS) and The Fifth Foundation of Islamic Finance Conference (FIFC) 2012.
He said business schools in Muslim countries needed to teach new ways in doing business to their students and encourage them to go for goods production.
He said they must also acquire and learn how to utilise high technology in order to do profitable business.
“Today, we are in global world; everything is easy. (If) we do not have the technology, we can copy first, then improve and develop the products…we can learn over time and we can become like Japan.
“Japan in the beginning copied technology from the west to produce their own products but over the years, the Japanese learned and improved and have become producers of their own technology and sell them to the world.
“It will be unfortunate if Muslims do not take advantage of technological advances…there are ways and means of communication that are available to us,” he said.
Representatives from 32 countries are participating in the WAiBS and FIFC. WAiBS is held from today until tomorrow and FIFC from tomorrow until Wednesday.