KUALA LUMPUR: Prime Minister Dr Mahathir Mohamad today vowed that the Pakatan Harapan (PH) government would return the country to its glory days with the Malaysia Incorporated (Malaysia Inc) concept under which the country is seen as one large corporation.
“(Under this concept) the home country is regarded as one big operation and the government and private sector work together to make profits for this national corporation.
“From here, we will have the money to support industries to support the people and provide good governance,” he said at the launch of the 9th International Rubber Glove Conference and Exhibition 2018 titled “Transforming Technology, Driving Innovation” at the Kuala Lumpur Convention Centre here.
The Malaysia Inc concept was first introduced in 1983 as an industrial strategy to forge a symbiotic relationship and partnership between the public and private sectors.
It is modelled after a Japanese model of economic development to forge mutual public-private partnerships and to target state investment.
Mahathir said the government encouraged business and believed in the concept of Malaysia Inc.
“We believe in the government and the private sector working closely together,” he said, adding however that it was not altruistic of the government to help the private sector.
“If we help you to make more money, it is because 26% of the money you make belongs to the government for it to provide services.”
He also praised Malaysia for its leading role in the rubber industry, saying the country was now synonymous with rubber.
“It is not the rubber that is important but the application,” he said, giving the example of surgical gloves and the structure of buildings in earthquake-prone areas.
He also drew laughter by remarking that rubber is an important component of birth control.
“Imagine the world without condoms. If the population is now at seven billion, (without condoms) it could be 10 billion.
“Again, rubber has performed a great duty for humanity,” he quipped.