KOTA KINABALU: The Sabah Malaysian International Chamber of Commerce and Industry (MICCI) has called for the development of a policy to encourage Malaysians to invest in the domestic market.
Sabah MICCI chairman Datuk Seri Wong Khen Thau said domestic investors were equally significant to foreign direct investment (FDI) in the country.
"When we talk about a new economy such as investments, it is high time we get domestic investment, not just FDI.
"FDI comes and goes, they come when things are cheaper. It isn't just Malaysia looking for it but many other countries.
"Malaysians are not investing for various reasons. We need to look into the policy. The federal government should have local people investing in the domestic industry," he said.
Wong was speaking at a dialogue titled 'Balancing between Lives and Livelihoods: What's the path ahead for Sabah?' in conjunction with the 2022 Sabah International Business and Economic Summit here today.
The panel comprised Sabah Finance Minister II Datuk Seri Masidi Manjun, Yayasan Sabah Group deputy director Datuk Sam Mannan and Sabah Forestry Conservator of Forests Datuk Frederick Kugan.
Wong, touching on securing business and investments, asked whether Sabah is competitive in terms of providing talents, basic infrastructure and a conducive environment.
Citing Indonesia's plans to move its capital to Kalimantan, Wong expressed concern whether the republic would offer better and cheaper facilities and infrastructure than Sabah.
"We have many plans and master plans, but we are still talking about the same issues such as flooding in Penampang, water and electricity problems.
"If we can resolve these basic issues, the economic sector will pick up easily," he said, adding it was also crucial to provide quality education and essential training for the people to meet human capital demand for businesses to prosper.
Wong said the two-year Covid-19 pandemic had served as a hard lesson for all on the necessity of upskilling or doing business in new ways.
He said the Covid-19 virus will be around and future pandemics could be worse than the current one.
"We should start a new life and a new way of doing business, how to take care of our safety and to prepare for the worst.
"Sabahans should also determine their own destiny. We cannot all the time let leaders in Kuala Lumpur lead us.
"I believe it is time to chart our way and destiny, on what is good for us. We should show leadership, not only economically but also in other sectors."