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Advantages Of Privatization In Malaysia

729 Words3 Pages

Since Malaysia achieved its independence in 1957, the economy has gone through a major structural transformation from heavy reliance on tin mining and rubber plantation to an industrial based economy. Most of the industrialization efforts, especially the development of heavy industries in Malaysia were kicked off using the big push approach through HICOM, a government funded agency. Such an approach has caused high financial and administrative burden to the government. Hence, in 1983, Malaysian then Prime Minister, Mahathir Mohamad announced the government’s intention to embark on a privatization policy to ease public sector involvement in the economy. However, the privatization in Malaysia has resulted in both success and failure. In Malaysia, government had been set up few policies and agencies to promote the industrial sector to the foreign investors and encourage domestic and foreign investment grow up. With promoting industrialization and capital inflow from foreign investment, it will boost up the economic growth. However, with the policies should ensure that Malaysia’s rapid development towards achieving National Economic Policy and Vision 2020. By the way, government has few supportive polices that maintain a business environment with opportunities for growth and profits have made Malaysia an attractive manufacturing and export base in the region. The private sector in Malaysia has become partners with the public sector in achieving the nation’s development

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