By: Ts. Dr. Hj. Muhammad Khusairy Bin Capt. Hj. Bakr
As the world evolves and global dynamics shift, Malaysia finds itself at a critical juncture in its economic journey, in the middle of the economic power between the East and West. The prevailing narrative of embracing foreign investment and talent has been a cornerstone of Malaysian economic policy for decades, which has been prolonged without a solution. Formula between formulas presented by the ministries has yet to come into effect, and the repercussion effect is getting bigger and bigger, instead of making it better, it is just temporary relief with the effect of bad prolong sequences in adding more problems in the future. Yet, amidst the apparent successes posted in all news media in Malaysia, a deeper examination reveals cracks in this foundation, which greatly impacts Malaysians. It is time for Malaysians to question the status quo, challenge assumptions, and embark on a path toward true economic independence, which makes Malaysia a great economy which all Malaysia wanted for too long since Malaysia’s independence.
Foreign investment has long been hailed as the elixir for economic growth. The allure of mega-projects, technological advancements, and job creation has painted a rosy picture of prosperity. But is this prosperity sustainable, inclusive, and resilient? Is it good enough for Malaysians to be dependent on foreign investment or does it give bad images of Malaysia becoming a “Dependent Country” in Southeast Asia? and when does Malaysia have to be dependent on foreign investment?
One of the fundamental questions we must ask is: Are we building a nation for the future or constructing a facade of progress? The influx of foreign capital may inflate GDP figures and create temporary employment spikes, but what about the long-term consequences? Does it give good prolonged benefits to our future kids?
The recent global economic downturns serve as stark reminders of the vulnerabilities inherent in a model heavily reliant on external investments. The rapid exodus of capital during crises exposes our fragility and leaves ordinary Malaysians bearing the brunt of economic upheavals. Thus, is it relevant for Malaysia to pack her economy on the US dollar with the existence of another global group such as BRICS?
Moreover, the narrative of success often overlooks the uneven distribution of benefits. While skyscrapers and high-profile projects dominate city skylines, rural communities languish in neglect. The promise of trickle-down prosperity remains elusive for many, widening the gap between the affluent and the marginalized. Which in the end makes the rich, richer, and the poor, poorer.
A nation’s true wealth lies not just in its natural resources but in the capabilities of its people. Malaysia has grappled with a persistent brain drain, where talented individuals seek opportunities abroad due to perceived greener pastures. This talent exodus not only drains our intellectual capital but also stifles innovation and progress. When the brain which is supposed to create jobs and investment in Malaysia is moving out of the country at a fast rate, it shows that what is left is an incompetent person who in the end will end up teaching a chicken how to quack. The best examples are just a few kilometers away from the Johor Straits.
The prevailing mindset of dependence on foreign talents exacerbates this challenge. While skilled expatriates bring expertise, they should complement, not substitute, local capabilities. The over-reliance on foreign workers in key sectors raises questions about our commitment to nurturing homegrown talent and fostering a culture of innovation.
We must ask ourselves: Are we content with being a consumer of talent or do we aspire to be a producer of excellence? The answer lies in our ability to empower Malaysians, invest in education and skills development, and create an ecosystem where creativity thrives. This brings the question, is our education really on par with international standards? Whereas the World Bank Report shows the opposite in many ways.
The metrics of success often revolve around GDP growth, foreign direct investment (FDI) inflows, and job creation numbers. While these indicators have their merits, they do not paint the full picture of a nation’s well-being. These indicators have been used by politicians to show the great achievements of the countries, but the reality is that it always shows the opposite, especially what happen in Malaysia.
We must challenge the narrative that equates economic growth with progress. What good is high GDP growth if it comes at the cost of environmental degradation, social inequality, and cultural erosion? Are we sacrificing our long-term sustainability for short-term gains? I used to believe Malaysian professors could provide a better solution, but all of their voices were shunned by the ability to think critically due to the pressure from politicians and in the end becoming blind followers.
Moreover, the integrity of statistics and projections warrants scrutiny. Are the benefits of foreign investment truly reaching all segments of society? Who bears the environmental and social costs of rapid development? These questions demand answers grounded in transparency, accountability, and ethical governance. Where are all the Malaysian professors who have thousands of thousands of publications and citations? Are those to fulfill those KPIs? What’s the point of having talent when not using it and using their brain to think of better solutions? Are we exhausted of better solutions? Or are the leftover professors already burned out?
Amidst these reflections and inquiries lies a clarion call for action. Malaysia cannot afford to remain complacent or continue down a path of dependence. The time has come to embrace economic independence as a strategic imperative, not a distant aspiration.
Here are key areas where collective action and national resolve can pave the way forward. Malaysians must prioritize education, skills training, and lifelong learning to equip Malaysians with the knowledge and capabilities for the future economy. Beat those mentalities of dependence on others, and move forward to become independent. We must create an ecosystem that nurtures creativity, rewards entrepreneurship, and fosters collaboration between academia, industry, and government. It is not a problem to have disagreements, but moving forward, and discussing in proper manners, help build our country and we should use our diversity at full pace. We also need to seek a balance between foreign engagements and domestic capabilities, exploring new markets and sectors while safeguarding national interests. A proper policy helps in securing jobs for our locals.
The Malaysian government must fully support SMEs, startups, and local businesses through access to finance, technology adoption, and market opportunities, ensuring a level playing field for all. Giving too much dependence on fully established companies is not going to make Malaysia great, instead, it always comes in a way of dependence on foreign investment. Enforce stringent environmental regulations, promote green technologies, and prioritize community well-being in all development endeavors.
In conclusion, the journey towards economic independence is not merely an economic pursuit but a national imperative. It requires a paradigm shift in mindset, policy recalibration, and collective action across all sectors of society. As Malaysians, we must question the narratives fed to us, challenge the status quo, and demand a future where prosperity is not measured solely in economic terms but in the well-being and resilience of our nation and its people. The time for introspection is now. Will we continue to tread the familiar path of dependency, or will we dare to chart a new course toward true sovereignty and self-reliance? The answer lies in our actions today and the legacy we aspire to leave for future generations.
The author is a Postdoctoral Research Associate at the Composite Materials and Engineering Center, Washington State University (WSU), and a Lead Research and Development Sector of the Association of Professional Technicians and Technologists (APTT) Sarawak, and Ahmad Faisal Bin Mahdi is a Senior Lecturer at the Faculty of Business and Management, Universiti Teknologi MARA (UiTM), a Chartered Institute of Marketing member
