Kuala Lumpur, Jan 8 – Tun Dr Mahathir Mohamad today asked Pilgrims’ Fund Board (Tabung Haji) and other funds to invest in high technology industries.
The former prime minister said Malaysia has many funds with huge capital amounting to billions of ringgit but most of their investments are focused on building skyscrapers.
“Actually, investing in sophisticated industries can also better help us to realise our vision to emerge as an advanced nation,” he said
Dr Mahathir said building highrise buildings without using high technology and furthermore using foreign workers would eventually “result in the outflow of their income from our country (to their homeland.”
“If we venture into high technology industries, we can utilise our engineering and scientific expertise to give higher salary in tandem with the government’s plan to transform Malaysia into a high-income nation,” Dr Mahathir told a media conference after delivering a keynote address at the 6th Corporate Directors’ Seminar hosted by Tabung Haji.
Dr Mahathir, however, said the benchmark for an advanced nation was not merely the per capita income and the gross revenue of a nation but was seen from the aspect of sophistication and technological advancement of a nation.
Citing Islamic countries as an example, Dr Mahathir said many of the countries have a very high per capita income, but are not seen as developed nations because they do not have the knowledge and high expertise.
Meanwhile, Tabung Haji Group Managing Director and Chief Executive Officer Datuk Ismee Ismail said that in line with Dr Mahathir’s call, Tabung Haji was coincidentally studying several proposals to invest in certain industries.
“Most probably we will look into several investments this year apart from existing investments in properties, fixed investments and shares.
“In 2014, Tabung Haji will pursue the present investment policy and strategy in line with asset value and locations.
“Currently, Tabung Haji has enough funds, touching RM45 billion, for our management and administration. We will continue to consolidate our position and will look into investment ventures that will bring in good returns,” he said.
On investment locations, Ismee said Malaysia was still among the main destinations for investments, especially for the property sector.
“We are looking for investment opportunities in the United Kingdom, Australia and Saudi Arabia,” he added.
– Bernama
