Former Prime Minister of Malaysia Mahathir Bin Mohamad has suggested to Nepali officials to open labor-intensive industries to stop exodus of youths for greener pastures.

Speaking at the inaugural session of Nepal Business Conclave 2014 here on Sunday, Mahathir explained how Malaysia became a prosperous country providing employment to more than three million foreigners. “Out of three million foreign workers in Malaysia, around one million are Nepalis,” he added.

Stating that Malaysia managed to make political situation stable by bringing many ethnic parties into coalition, Mahathir said: “We had labor-intensive industries that generated jobs for the people by inviting foreign investors.”

The two-day conclave is being organized jointly by the government and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to hold discussions with foreign delegates for bringing foreign investments into the country.

“We had to depend on foreign investors for capital, knowledge, management skill and technology, among others, at the beginning,” Mahathir, who ruled Malaysia for 22 years between 1981 and 2003, said. The country tool a giant leap in terms of economic growth during the period.

“Rather than revenue generation, our main focus was on job creation,” he said, adding, “We put maximum focus on preparing responsible citizens by providing them necessary education.”

Today Malaysian students are all over the world enhancing their earning capacity and they return to the country with enhanced skills to contribute to the national economy, Mahathir said.

“We need skilled and better educated manpower to implement plans and translate them into reality,” Mahathir said, adding that they had formulated plans for five, 10 and even for thirty years.

During his keynote speech, Mahathir made a simple statement - the main objective of the political parties should be to serve the people, not themselves.

He also clarified that he was not a dictator as claimed by international press. “They called me a dictator. Dictators don´t resign. I resigned,” added Mahathir.

Inaugurating the conclave, Prime Minister Sushil Koirala expressed commitment to do the needful for addressing the needs of foreign investors. He also unveiled a profile of 52 projects to be showcased among the participant foreign investors and delegates.

The projects worth around US$ 200 billion cover sectors like tourism, hydropower, manufacturing and infrastructure.

Likewise, Finance Minister Ram Sharan Mahat laid out the red carpet for foreign investors saying that the country has opened foreign investment in almost all the sectors.

Similarly, Li Jiheng, governor of Yunnan Province of China, stressed the need for mutual cooperation.

Earlier in February, the government and FNCCI jointly organized Nepal Economic Summit 2014 to deliberate on policy issues with the government and stakeholders for making environment conducive for investment.

The summit had concluded with a 19-point declaration, suggesting number of policy reforms, including revising existing laws and drafting necessary laws for investment promotion.

Published on: 24 March 2014 | Republica