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KUALA LUMPUR: Former governor of Negara Bank, Tan Sri, Zeti Akhtar Aziz, said that Malaysia should venture into an area that enjoys a comparative advantage by considering the new economy. purchase of a third national car.
She said that if the government wanted to venture into a third national car, it should ask itself if it had a comparative advantage because its resources were limited.
"We should allocate resources to areas in which we have a comparative advantage and where we have a decisive advantage for venturing into the boundaries of this sector," said Dr. Zeti at a round table on "The program Economic – Mahathir-nomics 2.0 and Vision 2020 Revisited "at the 2018 Youth Economic Forum on Saturday, October 27th.
She added that the government should now tackle the problem of debt accumulation and areas of inefficiency and leakage in order to address the country's financial situation.
It was important for the country to do this before it could move forward, she said.
Dr. Zeti said the government needed to look at risk factors because there were no resources to bail out failed projects.
"That's why we need to think about this issue," said Dr. Zeti, currently president of the Permodalan Nasional Bhd Group.
The idea of setting up a third national automobile project has been under consideration since Prime Minister Tun Mahathir Mohamad has repeatedly stated that the government wants to launch a third national car project after Proton and Perodua.
Dr. Zeti explained that South Korea has set a strategic direction for doing this.
"They took care of everything from the localization in some places to the preparation of the workforce in terms of the education system, which started at the technical and university level," she said. adding that the country's integrated approach had helped produce a positive outcome.
Dr. Sukhdave Singh, director of Khazanah Nasional Bhd, said that if the third national car project were to be implemented, it had to be done on the condition that those who propose the project invest their own money.
"There must be no government subsidy and no massive injection of taxpayer money.
"If a third car project is commercially viable and private funds are invested, what is the problem?" He asked.
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