Tourism potential and mineral resources key for Oman’s economic growth: Mahathir

This move helped to reduce unemployment in the country as a large number of people was employed in the industry. To meet the requirements, we even had to bring workers from foreign countries to work in the industry in Malaysia. As time changed, we focused on sophisticated products such as microchips and other electronic devices that have huge demand in the global market at present. To start manufacturing such sophisticated products, we had to depend on foreign investment and expertise”, he said.

Dr Mahathir further said that Malaysia was always keen to limit its budget spending within its means. “For making proper planning for infrastructure development, we analyse and prepare a blue print of future needs of the country. To attract foreign investment in the country, we make sure that Malaysia has a strong infrastructure for power generation and distribution. As industrialisation progressed, a large number of people from the rural areas of the country started migrating to the cities. Subsequently, the government focused on creative a strong human resources potential by imparting quality education to our children and the young generation. We established many schools and several universities to provide good education to our people. Before, Malaysia used to send its citizens to foreign countries for higher studies. Those who came back to the country with quality education from abroad also contributed to building human resources and workforce in the country”.

According to Dr Mahathir, Malaysia has always been keen to add value to its resources whether they are agricultural products or industrial products. “The Economic Planning Unit of the country (EPU) constantly do research on products and come up with new ideas to implement in the business and agricultural sectors. Building proper foundation in the form of assets is important for nation’s development. If you have strong assets, you could think about diversification of assets for enhanced development and sustainability. Mahathir believes in the role of the private sector in driving the engine of growth and development”.

He added that proper utilisation of natural resources is key to attain economic development. Malaysia has set a good example of income diversification by making the country, a leisure tourism destination. “Today leisure tourism and medical tourism contribute substantially to the country’s exchequer. The government in Malaysia has always been keen to control the prices of essential commodities such as rice, sugar, flour, pulses, etc to maintain price hike and inflation. At one time, when currency traders started selling Malaysian currency exorbitantly, we had to devalue our currency to maintain stability and promote economic growth”. Malaysia is a favourite tourism destination for Omanis. More than 30000 Omanis visit Malaysia every year for medical and leisure tourism.