Vision 2020 Achievable

Malaysia can still achieve Vision 2020 if it changes from a low cost export oriented country to a high cost economy that is based on domestic economic activities, says Tun Dr Mahathir Mohamad.

Dr Mahathir who in 1991, conceptualised the Vision 2020 for Malaysia to achieve the status of a developed and matured economy by 2020, said that by embarking on this "out of the box thinking", the people's purchasing power capacity would also increase like in many European countries which have high cost economy but yet were developed countries.

The former Prime Minister said that Malaysia had for a long time depended on export oriented growth where it produced goods as cheap as possible to sell to world markets.

"The time has come to develop our country from internal business activities. We can do that if the government and the private sector work together to build a new economy that is based on domestic growth and less on export," he said.

"So there is hope to achieve 2020 if we all work together," he said in his keynote address on "Vision 2020, is it a mission possible? 1Malaysia, is it the driving force", here Tuesday.

At the event, Dr Mahathir also launched the Asia Pacific Brands Foundation's (APBF), The Tun Dr Mahathir-The BrandLaureate Lecture Series.

The BrandLaureate Lecture Series features brand personalities -- both Malaysians and international figures who have been conferred The BrandLaureate Hall of Fame Award and the BrandLaureate Brand Personality Award.

In his speech, Dr Mahathir explained that most European countries were high cost countries and yet were developed countries with a much higher per-capita income.

In the case of Japan, he said the economic powerhouse was a very high cost country but a prosperous nation.

"We have to build up the purchasing power capacity of our people and grow our economy through domestic economic activities," he said.

Dr Mahathir said that in a high cost domestic oriented economy, profit margins were higher because more people would be able to buy goods and services and the purchasing power of the people too were higher.

Later answering questions from participants, Dr Mahathir said the English language as a language of knowledge and new discoveries was also important for the country to achieve Vision 2020.

"It doesn't make you an Englishman because you learn in English," he said.

At today's event, Dr Mahathir was conferred "The Father of Vision 2020" title by the APBF.