Stable govt key to investment, development: Mahathir

KATHMANDU, March 24:

The visiting former prime minister of Malaysia, Mahathir bin Mohamad, has stressed that Nepal should first overcome the conflict to attract investment.

"There should be no conflict because conflict destabilizes the country," Mohamad told journalists on Sunday. "If the country destabilizes, nobody wants to invest."

Mohamad, who ruled Malaysia for 22 years and who is credited for the economic development of his country, is in Nepal to address the Nepal Business Conclave which was organized in the capital by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the government on Sunday.

Mohamad shared that when Malaysia became independent in 1957, it too went through a conflict as there existed three major communities - Malays, Chinese and Indians.

Mohamad was of the view that they understood the multi-racial nature of their society and decided to share the wealth and politics between the three communities - not equally but fairly. This approach, according to him, made the country stable as there was no conflict which ultimately led the country toward the economic progress.

"You (Nepal) have the same problem that we had before our independence," the visiting dignitary said, adding that Nepal too has different tribes and races like Malaysia which has 30 different tribes. "But when they (the different communities) joined Malaysia, they accepted the idea of sharing,” he said.

"Stability is very important, without stability nobody will invest -- not local, not foreign," he further said. "We have to depend upon foreign direct investment; we have to provide an environment which investors rely upon." Saying that the business people are like hen that lays golden egg, Mohamad stressed on a stable government with stable policies that are business-friendly.

Mohamad, who is criticized in the western world as being a dictator, said that new democracies in the world are very fond of democracy because of the freedom. But, he said, "We have to limit ourselves also. If you exercise freedom without responsibility, then democracy will not work."

"Most important thing in democracy is to be able to accept loss, as everybody likes democracy if they win," he further said, adding that the losing side always thinks that the other side has cheated, but one has to accept the loss and prepare for the next election.

Mohamad also vouched for the privatization to promote investment and development.

"We find that, generally, government is not good in business," he said, arguing that the people who work for the government will not give hundred percent as they will not get any benefits from the profit made by the government. "The private sector is better run, as the people who put money make sure that they will get their money back."

Source: Republica