I agree with Dr M's observation, as reported in the Business Times, that given the right push and support, home-grown companies can grow to become successful global players, with spin-offs that will benefit the country and its people.
Dr M also made an important observation that local companies and corporations are well-run, but they do not get enough support from the government.
He made an interesting point, "Support is not in terms of cash, but if they need RM1 billion to expand, the government can help reduce the interest on financing. It won't cost the government much but the returns to the government is greater," when fielding a question on Vision 2020 after delivering a talk at The Malaysian Institute of Chartered Secretaries and Administrators (MAICSA) 50th Anniversary Lecture in Kuala Lumpur yesterday.
I have knocked the seeming obsession that we have with FDIs many a time.
If we were to trouble ourselves to study how Japan and Korea addressed the challenges of economic development we will find the source of Dr M's inspired observations.
The government must facilitate and foster homegrown entrepreneurship. Malaysia has a vast talent bank of business and managerial talent. Many may have left our fair shores. But, many more remain. These are the talent pool that needs to be encouraged and given the opportunities.
Dependence on FDIs will only make us a nation of employees.